NS FGTS It is a special fund for workers. It is a benefit enjoyed by everyone who is formally employed in the labor market. The monthly accumulated amount generates resources for the government to pay for the business. In addition, the FGTS assists workers in some specific situations.
The Time and Service Guarantee Fund was established in 1967 by the federal government. The government’s goal was to secure those people who had been unjustly expelled and left without any resources to support themselves. Since then, the benefit has been extended to the following workers:
- Workers subject to the statutory labor law, a legislative decree that defines labor rules in Brazil.
- rural workers.
- temporary workers.
- self employed.
- Corporate directors.
- professional athletes.
How is FGTS shipped?
FGTS is collected through an account opened with Caixa Econômica Federal (CEF), in the name of each worker. The sum of all of these accounts is formed into a single account that the government uses to fund sanitation and infrastructure work.
The worker can receive his credit if he:
- fired for no reason
- End of temporary employment contract
- the retirement
- dangerous diseases
- birthday loot
- Build, renew or pay off real estate debt.
FGTS can be withdrawn at any Caixa branch. The rules and documents required for withdrawal vary depending on the status of the worker.
FGTS withdrawal requirements in all situations can be consulted on the CEF website and any questions about FGTS will be answered on weekdays from 7:00 AM to 8:00 PM, at the following phone number: 0800-726 0101.
FGTS Profit Distribution was created to pass on the profitability of all accounts workers in the fund. Every year, since 2017, earnings are transferred directly to the FGTS accounts of employees. It can be withdrawn following the same withdrawal criteria as the FGTS.
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