In a surprise move, Caixa Econômica Federal announced that it will give Brazilians the option to access their Fund for Service Time Guarantee (FGTS) resources in advance. This initiative has the potential to significantly impact the financial health of many families, depending on the option chosen.
Traditionally, the FGTS, known and appreciated by formal workers in Brazil, can only be accessed when a citizen is dismissed from work without just cause. However, this new measure taken by the federal government aims to allow individuals to regularly access the amount of money allocated in their funds.
Question: How can I develop my FGTS?
To forecast your FGTS, the first step is to register on the “FGTS” app. This application offers a range of services related to FGTS, including the ability to change the withdrawal method from your account. The new option to postpone the amount requires the citizen to choose the withdrawal method on the occasion of Christmas, which will allow him to obtain the amount annually, instead of being satisfied with it at the time of the semester.
After switching to the Christmas withdrawal method, payment of funds can be facilitated via one of our partner banks, as long as your account is registered in the FGTS app.
Main characteristics of FGTS
To fully understand the implications of this procedure, it is important to understand how FGTS works. Here are some key points to note:
- The FGTS is granted to workers who practice their profession under the CLT system with due registration in the work card;
- The contribution to the security fund is deducted from the worker’s salary before it is disbursed. Therefore, the contribution is mandatory for all workers subject to CLT;
- FGTS has two withdrawal methods: Birthday Draw and Termination Draw.
For more information, visit the official website of Caixa Econômica Federal or contact FGTS Customer Service.
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