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Each employee will have a different FGTS balance; understand how it is calculated and find out how to check it.
Caixa Econômica Federal (CEF) manages the Severance Indemnity Fund (FGTS) account, into which amounts are deposited monthly. The deposited amount varies based on the employee’s salary and the type of contract signed.
Thus, apprentices have 2% of their salaries credited to their FGTS accounts. By contrast, general workers have 8% of their monthly salary deposited. It is essential to understand that this amount is not deducted from your payslip.
Therefore, if an apprentice earns R$ 1,320, their FGTS account will grow by R$ 26.40 per month. For other employees, this salary results in a credit of R$ 105.60 to the severance fund.
The FGTS balance undergoes financial adjustment
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You can check your FGTS balance through an app available for Android and iOS. To understand your accumulated amount, looking at examples can be helpful. Let us consider a salary of R$ 1,320.
Over the course of a year, an apprentice will have accumulated R$ 316.80, while other employees will have accumulated R$ 1,267.20 in the fund. However, it is vital to recognize that there is an annual financial adjustment of 3%, known as the Reference Rate (TR).
Therefore, checking the balance is crucial to confirm the accuracy of the amount, considering the different maturities and the financial adjustment. And how can the FGTS be used?
Possible uses of the Severance Pay Guarantee Fund?
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The purpose of the FGTS is to provide economic support to employees; therefore, there are specific circumstances for withdrawals. For the most part, these withdrawals are for emergency situations, such as withdrawals for serious illnesses.
Withdrawals due to contract termination and natural disasters are also examples of these circumstances. In addition, options such as birthday withdrawals, withdrawals from inactive accounts with up to R$ 80, and retirement are available. In conclusion, the Severance Pay Guarantee Fund also serves as a resource for housing loans coordinated by CEF.
