INSS changes interest limit on payroll loan

The National Social Security Council (CNPS) approved an increase in the ceiling on interest charged on payroll-deductible loans for retirees and pensioners of the National Social Security Institute (INSS) due to the increase in the Selic rate and the National Consumer Price Index ( INPC) in recent months. The decision was published in this Thursday (9) edition of the Official Gazette.

The percentage of the payroll-deductible loan goes from 1.8% to 2.14% per month. For credit card transactions, the rate rose from 3% to 3.06% per month.

The Social Security secretary at the Ministry of Labor and Social Security, Leonardo Rolim, highlighted that the council defines the payroll-deductible interest ceiling, not the rate that will be applied.

In a note, the Ministry of Labor and Social Security explains that the methodology used to calculate the new payroll-deductible interest ceiling was based on the real interest rate calculated at 16.1%. Considering the real interest rate, the new index is the lowest since 2015.

The CNPS said that the changes occur because of fluctuations in the financial market and highlighted the importance of financial education for INSS retirees and pensioners.

*With information from the Ministry of Labor and Social Security

Text translated using artificial intelligence.