In a serious financial crisis, Correios objected to the payment of an additional year-end credit to its employees in 2025. This benefit, known as the “Peruvian Voucher”, was granted last year in the amount of R$2,500 per employee.
The workers have already been informed of the decision to ban the “turkey voucher” by the company’s management. The state-owned company recently extended the validity of the collective labor agreement until next December 15, with the exception of the clause stipulating the benefit.
In 2024, Curios – which was already facing financial difficulties and suffering increasing losses – spent about R$200 million to pay the “Peruvian Voucher”.
At that time, the benefit was transferred in two installments, the first in the amount of R$1,000 in September or December 2024 and the second in the amount of R$1,500 until the business day of January 5, 2025.
“The additional balance stipulated in this clause has already been paid in full, within the deadline, without any harm to the workers,” a statement issued to employees said.
The collective labor agreement without the “Peru Voucher” was extended in light of the impasse between the state-owned company and employees in negotiating a new agreement that would be effective in 2025 and 2026. The previous document expired on July 31 of this year and has been repeatedly extended because, given financial difficulties, the company does not see room to grant an amendment at this time.
On Thursday (4), Sintect-SP (Union of Brazilian Postal and Telegraph Workers and Similar Companies of São Paulo and the Greater Postal Area of São Paulo and Sorocaba) approved a strike call for December 16, starting at 10 p.m.
Correios needs R$20 billion by the end of 2026 to finance the company’s restructuring plan, which provides for the settlement of debts with suppliers and banks, a new PDV (voluntary separation programme) to lay off at least 10,000 employees and the reworking of positions, salaries and the company’s health plan.
To obtain these resources, the state-owned company negotiates a loan with public and private banks, guaranteed by the national treasury. This means that the Union will be obligated to pay the installments in the event of default, making the risk of loss for financial institutions practically nil.
As I expected BoundIn its board of directors, Correos agreed to contract the credit as proposed by five banks (Banco do Brasil, BTG Pactual, Citibank, ABC Brasil and Safra), but the National Treasury refused to grant the guarantee due to the high interest rate.
The institutions’ proposal envisions a cost approaching 136% of the interbank certificate of deposit, or about 20% annually, but the maximum cost schedule approved by the Treasury Department’s Assurance Committee foresees a ceiling of 120% of the interbank certificate of deposit (about 18% annually) in operations of this type for ten years.
Since the announcement of the suspension, on Tuesday (2), Curios has been trying again to negotiate the terms of the loan with the banks, but there is still no final solution.
Completing loan negotiations is essential to providing the company with cash flow. The company has accumulated increasing losses since 2022, and this year it has already recorded a loss of R$6.1 billion by the end of September.
At the end of this year, the loss could approach R$10 billion, according to the company’s internal forecasts.
Without new resources, the situation of the state-owned company may worsen. The loss could reach R$20 billion in 2026, because contracts with suppliers stipulate the payment of fines in case of delay – in other words, an additional burden on the company that is already facing difficulties.
The loss could reach larger amounts, about R$70 billion, within five years. In this extreme scenario, the company would go bankrupt and would even need to lay off employees, bearing the labor costs resulting from these dismissals (which is why the amount is even higher than the annual expenses of the state-owned company today).
Understanding the post office crisis
The state-owned company has suffered repeated losses since 2022. This year through September, losses worth R$6.1 billion have accumulated. Some factors help explain the crisis:
a race
The end of the parcel transport monopoly in 2009 resulted in Correos losing market share to private logistics companies. The state-owned company has maintained the franchise of letters, postcards and direct mail, services for which demand has declined as the digital economy advances
“blouse drawings”
Imposing taxes on international orders of up to 50 US dollars negatively affected the revenues of the post office, which lost exclusivity in importing these goods.
High expenses
In 2024, the company was already facing difficulties, but it granted a 4.11% written adjustment to more than 55,000 employees, as well as a refund of charitable terms, such as an additional 70% in vacation (workers usually get a third). It also held a competition to fill more than 3,000 vacant positions, but those approved have not yet been called
Cash reduction
The company burned its own money to invest in purchasing electric cars and technology items when it was already in a delicate financial situation
Health plan
The company maintains the health plan and is responsible for all of the operator’s risks and any debts that may arise. In 2022, a law allowed Corres to stop being a pro and adopt the less onerous bail system, but the change was reversed during Lula’s government.
– Lack of control over lawsuits
The company did not have an accurate diagnosis of the measures that targeted it, especially workers, which led to reservations on the balance sheet by the independent consulting company. Spending on court orders had a significant impact on the state-owned company’s losses in recent quarters