Consigned CLT: Government releases FGTS and severance pay as guarantee

Workers who take out worker credit - also known as Consignado CLT - from this Friday (26th) will be able to use part of the FGTS (Service Time Guarantee Fund) balance and severance pay as collateral for the consigned loans.

The change expands the options for taking out credit and may contribute to reducing interest rates, which will be limited to 1.99% per month.

The use of guarantees will be optional, the worker will be able to decide whether they wish to link part of the resources to the contract and what amount they intend to use as guarantee.

Under the new rules, up to 35% of the termination funds, 100% of the FGTS termination fine and up to 10% of the FGTS balance may be compromised for those who adhere to the withdrawal-termination.

In practice, the FGTS will not be withdrawn at the time of contracting. According to the MTE (Ministry of Labor and Employment), the resources remain in the linked account and can only be used in situations provided for by law, such as in the event of dismissal.

The guarantee on severance pay may be enforced in case of dismissals without just cause or when the dismissal occurs at the initiative of the worker.

Whoever takes out credit through CTPS Digital (Digital Employment Card) will be able to compare offers from different financial institutions before concluding the contract. The platform brings together banks' proposals, allowing workers to choose the most advantageous option.

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Guarantees also vary depending on the contracting channel. In the channels of financial institutions, they must correspond to 50% of the loan value.

In the Digital Work Card, coverage will be equivalent to 100% of the contracted credit.

According to the MTE, the implementation will be done gradually and, in a next stage, the modality will also allow refinancing and portability operations using the guarantees.

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Source: CNN