Social Security Council meets this Tuesday to resolve deadlock on payroll for retirees

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On the last 13th, the collegiate reduced the interest ceiling from 2.14% to 1.70% in the modality. The measure led banks to suspend payroll loans for INSS retirees and pensioners. New ceiling on payroll interest for INSS retirees to be defined today consigned to INSS retirees and pensioners. On March 13, the board decided to lower from 2.14% to 1.70% per month the interest limit practiced in conventional payroll operations for beneficiaries. The measure, which came into effect on March 15, led banks – including public ones – to suspend the loan modality. Financial institutions claim that, with the new ceiling, they are unable to afford the costs of attracting customers. Faced with the suspension, the government decided to review the reduction. In an interview, the Minister of the Civil House, Rui Costa, said that the maximum rate will be raised, but should remain below 2%. According to g1 columnist Valdo Cruz, the Ministry of Social Security – the portfolio to which the CNPS is linked – defends an interest ceiling for the modality at around 1.95%. The banks propose a limit rate between 1.99% and 2.01%. According to the Brazilian Federation of Banks (Febraban), a ceiling at these levels would cover the costs of operating the payroll of retirees and would allow the return of operations. Payroll loan interest rate for INSS pensioners should be below 2%, says Rui Costa The payroll loan Payroll loans usually have lower interest rates because the discount is made directly on the payroll. In this case, the money is already retained in the benefit or pension received by the INSS. The government stipulates an interest ceiling, but banks and brokerages are free to decide – within that limit – the rates they will charge retirees and pensioners. According to Social Security, approximately 8 million retirees and pensioners have a payroll loan and 1.8 million have almost half (45%) of the benefit committed to the loan. Reduction in the maximum interest rate on payroll loans for INSS retirees and pensioners begins to take effect

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