Published 04/28/2024 00:00
Since the Lula government assumed, at the beginning of 2023, the interest rates for INSS consignees, both loans and cards, have already reduced seven times. Even before all these drops, consigned products were the cheapest lines on the market. This is because the payment method is automatic debit. In other words, when hiring the consignee, the value of the installment is established, which will be deducted when the contractor’s benefit or salary is deposited. On April 24, at a new meeting of the National Social Security Council (CNPS), a new reduction in interest rates was defined, which will take effect within five business days.
The new value of the interest ceiling for payroll loan fell from 1.72% to 1.68% per month. Meanwhile, card rates, both for payroll and benefit credit, reduced from 2.55% to 2.49% per month. Therefore, banks must respect the limit and cannot charge more than that.
The practice of the new values ​​must begin within five working days after publication in the Official Gazette of the Union. These reductions have been happening due to the falls in the Selic rate, which went from 11.25% to 10.75% now.
According to the government, the objective will be to always monitor the drops in the Selic, reducing the interest on payroll loans accordingly. But despite being a good initiative for INSS beneficiariesbanks are often reluctant.
An example of this is when banks stopped offering the credit line because they did not agree to the reduction in March last year, when it fell from 2.14% to 1.70%.
At the time, the government had to give up and set the ceiling at 1.97%, which caused banks to start making payroll loans again. Now, we just have to wait for the next chapters of this reduction and whether the banks will have any behavior aimed at suspension of consignees again.
To find out more information about the INSSeconomics and finance, you can follow me on my YouTube channel, João Financeiraand my Instagram profile, @joaofinanceiraoficial.
