Caixa starts FGTS profit distribution to workers

posted on 8/23/2021 2:09 PM / updated on 8/23/2021 2:12 PM

  (credit: Marcelo Camargo/Agência Brasil)


(credit: Marcelo Camargo/Agência Brasil)

Caixa Econômica Federal started the distribution of R$ 8.1 billion of the earnings of the Employment Guarantee Fund (FGTS) in the workers’ accounts with an account balance on December 31, 2020. The amount, corresponding to 96% of last year’s total profit (R$ 8.4 billion), should be deposited in approximately 191.2 million accounts eligible for receipt, until August 31st.

Caixa has not informed the amount of deposits made so far, but there are payments both in inactive accounts and in active accounts (referring to current employment relationships). According to the institution, payments of profits will be made simultaneously in both types of accounts, and there is no prioritization between those with greater or lesser balance.

To find out if they have already received the amount, the bank instructs the worker to check the Guarantee Fund statement through the FGTS mobile application, on the Caixa website or in person at the branches’ service counters.

It is worth noting that the funds from the FGTS profits are part of the common rules for withdrawal and use, and may be withdrawn on the withdrawal-birthday, in cases of unfair dismissal, retirement or serious illness. They can also be used in Caixa Econômica programs and to settle loans and debts with the institution. Immediate withdrawal is not allowed.

Calculation

By law (Law No. 8.036/1990), the fund has a yield of 3% per year plus TR (Referential Rate), currently zeroed. One of the objectives of the distribution of part of the profits, annually, is to improve the profitability of the FGTS. The earnings yield this year is 1.92%. Added to the 3%, it resulted in 4.92%. The value was above the 2020 IPCA, of 4.52%, and savings, with 2.11%.

Those who have not yet received it can calculate the amount that will be credited to the FGTS account by the end of the month using a simple formula: just multiply the account balance on the last day of the year 2020 by 0.01863517. For every R$100 in balance on this date, the worker will receive R$1.86 in profit, for example.

Simulation of receivables
Simulation of receivables
(photo: CB/DA Press)