ABBC says new FGTS anniversary withdrawal rules generated 80% drop in anticipation | Finance

“The requirement of a minimum value of R$100 for payouts was the change that had the greatest impact, accounting for 90% of the drop. This restriction affects low-income workers more intensely, who generally have smaller balances in their FGTS accounts. In the medium term, it is estimated that the effects will be even more severe, reducing concessions to around 5% of the monthly volumes billed, which would make the operation practically impossible. “

According to ABBC, of ​​the 134 million workers with an FGTS balance, more than 85 million currently do not have a formal employment relationship and therefore do not have access to private payroll. “Among the 37 million workers who participated in the anniversary withdrawal, 26 million took out the FGTS advance, of whom 9 million are unemployed. This is a public with restricted access to the credit market: 74% of those who made the advance are negative.”

Therefore, ABBC states that it is recommended to reassess the measures adopted, including the minimum floor of R$100 and the limitation to only one operation per worker. “If the floor were relaxed to BRL 50 and there were no limitations on operations, the estimated impact would be a 35% drop, both in the short and medium term. In other words, there would be a significant reduction in lending volumes, but this would not make the operation unfeasible.”