After a record volume for retirees and pensioners of the National Institute of Social Security (INSS), the payroll-deductible credit, which is deducted directly from the payroll, will change as of this Saturday, January 1, 2022.
New hires, renewals and portability must comply with the commitment limit of 30% of earnings and no longer 35%, as in effect until the end of 2021. In addition, the interest ceiling will increase from 1.8% to the level of 2 .14% per month. For credit card transactions, the rate will go from 3% to 3.06% per month.
By the end of 2021, a provisional measure (MP) increased the payroll-deductible loan margin to 40%, with 35% for the payroll loan and 5% for the credit card. The temporary validity law, until December 31, 2021, was one of the actions adopted during the period of public calamity due to the Covid-19 pandemic.
The increase in the interest rate ceiling was approved by the National Social Security Council (CNPS) last month, at the request of banks.
Even so, among the options available on the market, payroll-deductible loans have the lowest rates, given its low probability of default. Currently, 11.3 million INSS retirees and pensioners have payroll-deductible loan contracts.
In recent months, the volume of credit for INSS policyholders has broken records. In August, R$ 184.5 billion were contracted. According to data from the Central Bank, it is the highest amount ever registered in the loan modality for this public. In one year, the total value increased by 25%. In August 2020 it was R$147.6 billion.
Payroll-deductible loans are a type of loan in which installments are deducted directly from the INSS salary or benefit. The consignable margin ensures that the loan does not jeopardize most of the client’s income for the payment of installments, being established by law to avoid over-indebtedness of workers or INSS policyholders.
The benefit amounts are the same throughout the contract and are deducted directly from the salary or benefit, without the need to receive or issue payment slips.
The recommendation is that retirees and pensioners plan financially before taking out a loan, adjusting the payment of the installments of this financial commitment with the family budget.