7/25/2023 – 1:58 PM
The Board of Trustees of the Severance Indemnity Fund (FGTS) approved the government’s proposal for the distribution of BRL 12.7 billion among quota workers, referring to part of the fund’s profit in 2022. The amount represents 99% of the positive result of BRL 12.8 billion recorded last year by the fund.
With profit distribution, the final yield on FGTS accounts will be 7.09%, higher than the inflation recorded last year (5.79%). That is, shareholders will have a real gain of 1.3%. The income was not enough to beat savings, which had a return of 7.89% last year. According to the Board of Trustees, the distribution of values takes into account the balance of the fund, inflation accumulated last year and preservation of the purchasing power of workers’ savings.
By law, the FGTS has a yield of 3% per year, but the Council has as a reference at least the replacement of inflation. For comparison, the nominal yield on savings last year was 7.89%, with a real yield of 2.10%.
The vote presented by the government defended the distribution of 99% of the fund’s profit, which gave rise to a discussion on the use of the term “part”. Minister Luiz Marinho said that, before defining the vote, there was a debate on the amount to be distributed and also recalled the demand under analysis by the Federal Supreme Court (STF) on the FGTS correction criteria.
“I thought it was good that we keep in practice (the distribution) of the totality (of the fund’s profit) and create conditions to show the Court that the rapporteur’s vote as it is is not appropriate. It is necessary to go through an adjustment process, because he talks about establishing the floor in savings. Savings cannot be established as a reference, because in the case of 2022, it (FGTS yield) is above the IPCA, but below savings, ”he said during the vote. The minister defended that this understanding is important in order not to compromise the future of the fund.
Last year, the FGTS distributed BRL 13.2 billion to the fund’s shareholders, corresponding to 99% of the previous year’s result. In 2021, the government distributed BRL 8.129 billion corresponding to 96% of the 2020 profit. Of the 2019 profit, only 66.23%, or BRL 7.5 billion, were distributed. The only time the FGTS transferred 100% of the profit to shareholder workers was in 2019, when a total of BRL 12.22 billion from the 2018 result was deposited in the fund’s active and inactive accounts.
The amounts will be deposited until August 31st in proportion to the balances of each FGTS account that held resources on December 31st of last year. The distribution of results will reach around 217.7 million accounts linked to the fund, which accumulated a balance of BRL 516.7 billion at the end of 2022.
The amounts distributed cannot be withdrawn immediately by the worker, unless he fits into any of the guarantee fund redemption rules, such as birthday withdrawal, unfair dismissal, retirement, home ownership or serious illness.
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