Payable credit to the worker will have gradual effect, says government

The Secretary of Economic Reforms of the Ministry of Finance, Marcos Barbosa Pinto, said on Wednesday (12.mar.2025) that the new rules of payroll loans, called by the Government of “Worker credit”will not reach “A giant mass overnight”. He expects a gradual effect.

He gave an interview to journalists to deal with the new rules for payroll loans, a loan modality consisting of discounting the monthly fees on payroll payments or benefits.

The tool requires a banks connection with employers. Financing is more uncertain for private initiative workers, who can change jobs or be dismissed.

In 2024, the average interest rate of payroll loans for individuals was 40.8% for private sector workers. Interest is lower for those who receive payment via governments, such as civil servants (23.8%) and beneficiaries of the National Institute of Social Security (21.9%).

In the new rule, the worker may use 10% of the FGTS (Service Time Guarantee Fund) and 100% of the fine in case of dismissal without cause. This measure will still be regulated by the government.

According to Pinto, it is a new product in the world. “There is no similar experience in other countries, so we can’t evaluate the speed”. The secretary said he expects a higher offer and lower rates for workers with more employment time, lower operational risk and higher companies.

The reason is the largest guarantee for the payment of the installments by workers. Pinto said that the payable credit to the worker is seen as a “threat”To the business model for banks, because other financial institutions, including fintechscan attract customers.

The secretary stated that the average rate of CDC (direct consumer credit) is 103% per year. “It means that those who bought a refrigerator paid for two in a year ”he said. According to him, the consignment modality will allow a fall in interest.

“The payroll today is responsible for falling 18 percentage points at the average interest rate [nacional]”, he said. Private consignment will greatly reduce informational asymmetry and increase competition, ”he added.

With access to information, financial institutions may “attack”The banking customer, who can replace a debt with a cheaper one. He expects a competition “very fierce”Because the platform will work as auction.

The secretary said, however, that the effect will be gradual. “The product will not reach a giant mass overnight. Has a maturation time ”, said Pinto.

RULES

Workers will use their digital work card to gain access to cheaper loans. Will be guaranteed FGTS.

The worker can use as collateral until 10% of FGTS balance e 100% of the termination fine in case of dismissal without cause. The regulation will still be made by the federal government.

Download the application: CTPS (digital work card), in e.

The worker needs to authorize access to data such as name, CPF, salary margin available for consignment and company time. The information meets LGPD (General Data Protection Law).

After authorization, banks will provide in the application the payroll offers within 24 hours.

The installment discount will be on the payroll, monthly by eSocial. The worker can follow each month the updates of the payment of installments.

Portability between banks may be held from June 6.

Read below questions and answers prepared by the government:

How will it work?

Through the Digital Work Card app (CTPS Digital), the worker has the option of requesting the credit proposal. To this end, following the rules of the General Data Protection Law (LGPD), authorizes financial institutions qualified by the Ministry of Labor to access data such as name, CPF, margin of salary available for consignment and company time.

How long to receive the offers?

From the authorization to use the data, the worker receives the offers up to 24 hours, analyzes the best option and hiring the bank’s electronic channel.

How will the installment discount be done?

The loan installments will be discounted on the worker leaf monthly, through eSocial, observing the consignable margin of 35% of the salary. After hiring, the worker follows month by month the payment updates. From April 25, the worker will also be able to hire the banks’ electronic channels.

Who is entitled?

The worker with a formal contract, including rural and domestic, as well as meis.

When will worker credit be available?

From March 21, 2025.

If I already have a payroll, can I migrate?

Workers who already have leaf discount loans can migrate the existing contract to the new model from April 25 this year.

In case of dismissal, how are the installments due?

In case of shutdown, the discount will be applied to the severance pay, observing the legal limit.

What can be given as a loan payment guarantee?

The worker can use up to 10% of the balance in FGTS for guarantees and 100% of the termination fine in case of resignation.

Is the process only by the digital wallet or can I go to the banks?

Initially, only in CTPS Digital. From April 25, the worker may also start hiring the bank channels of the banks. By CTPS Digital, the worker has the possibility to receive proposals from all interested banks, which allows comparison and the most advantageous choice.

Will the operations be only by qualified banks?

Yes. The estimate is that more than 80 financial institutions are qualified. The beginning of the qualification will be based on the publication of the Provisional Measure.

Will banks have access to all workers’ data?

Only the necessary data for institutions to make credit proposals: name, CPF, salary margin available for consignment and business time.

Is it automatic to migrate direct consumer credit to the worker’s credit?

The worker who has CDC should look for a qualified financial institution, if he wants to migrate to the worker credit.

After performing the worker’s credit, can the worker do the portability to a bank with better rates?

Yes. Portability will be available from June 2025.

Does the worker credit replace the anaquenal withdrawal?

No, the Anxivary withdrawal will remain in force.