The Brazilian government has officially announced new provisions for the Fundo de Garantia do Tempo de Serviço (FGTS), allowing workers who have opted for the saque-aniversário withdrawal strategy to access funds previously locked due to termination without justified cause. This new measure, published on February 28, 2025, under Medida Provisória 1.290, aims to empower approximately 12.1 million workers who were dismissed from their jobs between January 2020 and the date of publication.
Under this new policy, set to inject R$ 12 billion back to the economy, affected workers will be able to but withdraw amounts up to R$ 3,000 from their FGTS accounts starting March 6, 2025. This initial payout allows workers to receive instant relief from the challenges of unemployment. For those with account balances exceeding R$ 3,000, remaining funds will be available for withdrawal by June 17, 2025. This dual-payout strategy serves to ease the financial burden on workers who have faced job loss during the past five years.
President Luiz Braz, along with Minister of Labor Luiz Marinho, emphasized the necessity of this measure, highlighting the plight of workers who had financed personal loans against their FGTS accounts. Marinho pointed out, "O FGTS é uma poupança individual destinada a amparar o trabalhador em momentos de desemprego, mas ele não pode acessá-la quando mais precisa," elucidated the pressing need for greater access to funds as many struggle financially post-termination.
This legislative initiative targets individuals who opted for the saque-aniversário system, which allows workers to withdraw a portion of their FGTS balance each year on their birthdays rather than accessing the full balance upon unemployment. Workers currently receiving benefits through the saque-aniversário system will not only gain temporary access to their locked funds but will also retain their option to withdraw annually moving forward.
Error-prone guidelines around access to these funds have been clarified: For workers who are discharged after this measure’s enactment, those who wish to use the saque-aniversário system moving forward will have their balances sidelined again. Dismissed workers will only be permitted to withdraw termination penalties, but they must remain vigilant about retaining their benefits upon future unemployment.
The financing snafus resulting from this new policy could begin to reshape the financial responsibilities of approximately 37 million Brazilian workers actively involved with FGTS. Historically, many saw their retirement funds compromised due to borrowing against the total balances, limiting their opportunities for full withdrawals during unemployment.
The anticipated economic revival resulting from this plan is rooted deeply within the statistics surrounding prior allowances. Impressively, about R$ 142 billion was withdrawn through the saque-aniversário since its establishment, with only one-third of the distribution benefiting workers directly. Unfortunately, 66% of these released funds subsidized banking establishments as workers engaged in loans secured by their own FGTS balances.
To facilitate timely access to these newly liberated funds, workers must have registered banking accounts to receive direct transfers, prompting financial institutions to collectively mobilize. For those lacking accounts or other means to navigate the process, the Caixa Econômica Federal will provide alternative solutions for accessing these funds via physical locations.
Looking forward, this MP casts a glimmer of hope on Brazilian workers trapped within frustrating bureaucratic logjams. While this measure promises immediate relief for millions, workers who received dismissals post-March will find themselves restricted under the old system's confines. Those who are now seeking to switch payment systems for future employment risks may need to traverse additional roadblocks to optimize their future compensation.
Overall, this pivotal change endorses the pressing need for urgency within the country’s economic matters, showing the government’s pronounced sensitivity toward labor's needs. With familiar concerns surrounding employment security and economic stability still looming, this MP could very well be instrumental for many hard-working Brazilians as they navigate their changing financial futures.