Social Security Council approves reduction in the payroll ceiling for INSS beneficiaries

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When offering the line, banks and financial institutions must respect the limits established by the CNPS. The new ceiling comes into effect five working days after publication of the decision. The National Social Security Council (CNPS) approved this Monday (04) the reduction of the maximum interest rate charged on loans granted to retirees and pensioners of the National Social Security Institute (INSS). The ceiling for conventional payroll loans, with payroll deduction, was reduced from 1.84% to 1.80% per month. For credit card and benefit card operations, the maximum interest rate was adjusted from 2.73% to 2.67%, also per month. When offering the line, banks and financial institutions must respect the limits established by the CNPS. The new ceiling comes into force five working days after the publication of the decision in the Official Gazette of the Union (DOU). INSS publishes instruction that allows banks to resume consigned credit for those who receive BPC Impasse between government and entities The decision was taken this Monday after an impasse at the last council meeting on the pace of reducing the consignment ceiling for INSS beneficiaries. At the time, the Ministry of Social Security proposed that the ceiling for payroll deductions be reduced from 1.84% per month to 1.77% per month, following cuts in the Selic — a criterion used in the latest decisions and which has been defended through the folder. At the beginning of November, the Central Bank’s Monetary Policy Committee (Copom) reduced the Selic for the third time in a row, and the economy’s basic interest rate fell 0.5 percentage points, from 12.75% per year to 12.25 % per year. On the other hand, the National Confederation of Commerce (CNC), one of the members of the CNPS, had proposed a smaller reduction for conventional payroll loans, from 1.84% per month to 1.80% per month. Payroll ceiling and Selic In March, the CNPS decided to reduce the interest ceiling on conventional payroll loans for INSS beneficiaries from 2.14% to 1.70%, which led to an impasse with the banks. At the time, Banco do Brasil, Caixa Econômica Federal and other private banks temporarily suspended the offer of this credit, stating that the rates would not cover the costs of the operation. The council then approved a ‘middle ground’, and the ceiling was established at 1.97 %. In August, there was a further reduction, and the interest ceiling went from 1.97% per month to 1.91% in the case of conventional payroll loans. The CNPS decision came days after the Copom reduced the Selic for the first time in three years. In October, the CNPS made a further reduction in the maximum interest rate for payroll deductions and the ceiling fell from 1.91% to 1.84% – again, the decision came after a new announcement of a Selic cut.

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