Workers with a formal contract can prepare to see the balance in the Employment Compensation Fund (FGTS) account rise by the end of the month. The FGTS Board of Trustees must decide at today’s meeting (16) the distribution of part of the profit of BRL 8.467 billion in 2020.
Formed by representatives of the government, companies and workers, the council will decide the percentage of the profit to be transferred to the FGTS accounts. Made since 2017, the distribution occurs in proportion to the balance of each account on December 31 of the previous year. The larger the balance, the greater the profit received.
Last year, the FGTS distributed around R$ 7.5 billion to workers, which is equivalent to 66.2% of the 2019 profit. If the percentage is maintained this year, around R$ 5.8 billion would be transferred to the linked accounts. According to Caixa Econômica Federal, if the distribution of profits is approved, each account will be credited until August 31st.
In 2017 and 2018, the legislation established the distribution of 50% of the FGTS profit in the previous year to workers. In 2019, Congress had approved the distribution of 100% of the profit, in the law that created the withdrawal-birthday modality, but President Jair Bolsonaro vetoed the article, and the percentage started to be approved each year by the Board of Trustees.
With a fixed profitability of 3% per year, the FGTS’ income is increased with the distribution of profits. In 2020, the procedure raised the fund’s profitability to 4.9%.
The payment of part of the FGTS winnings does not change the withdrawal rules. The money can only be withdrawn under special conditions, such as layoffs, home ownership or serious illness. Whoever joined the withdrawal-birthday can withdraw a part of the balance up to two months after the month of birth, but loses the right to full payment of the fund in case of unfair dismissal.
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