It is the 3rd fall in 2023; new ceiling comes into force 5 working days after the publication of the board’s resolution
O CNPS (National Social Security Council) approved this Monday (Dec 4, 2023) a new reduction in the payroll interest ceiling for INSS (National Social Security Institute) beneficiaries. There were 14 votes in favor of the change and only 1 against – linked to representatives of the financial sector.
As a result, the limit for loans with payroll deductions fell from 1.84% to 1.80% per month. The decision also reduced the ceiling for credit card and benefit card operations: there was a drop from 2.73% to 2.67%.
The new percentages come into effect 5 working days after the publication of the board’s resolution. This is the 3rd reduction approved in 2023.
The Minister of Social Security, Carlos Lupisignals a further reduction in the payroll ceiling. “Rates must continue to fall. If at the next Copom meeting [Comitê de Política Monetária do Banco Central] If there is a reduction in the Selic rate, we will propose reducing the payroll interest ceiling once again”he said.
Currently, the basic interest rate is 12.25% per year.
ABOUT CNPS
The National Social Security Council is part of the Ministry of Social Security. Among its functions are:
- establish general guidelines, participate, monitor and systematically evaluate pension administration; It is
- evaluate policy decisions related to Social Security.
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