Anyone who retires or receives a pension from the National Institute of Social Security (INSS) from January 2, 2025, will be able to request a payroll loan in the first 90 days of payment at the bank where they receive the benefit. The insured person, however, will not be able to transfer funds during this period.
The change is included in the INSS Normative Instruction published at the end of August. The agency relaxed a restriction on granting payroll loans in force since 2022.
Currently, new retirees and pensioners cannot take out a payroll loan in the first 90 days after receiving the benefit. With the change, they will be able to unblock the credit operation, as long as it is at the bank where they receive the benefit. From the 91st day onwards, the insured person can request the payroll loan and transfer it to the financial institution that offers lower interest rates.
Traditionally, the banks where the INSS pays retirement benefits, pensions and benefits are chosen through a payroll auction. The competitions are held by states or regions every five years.
In a statement, the INSS reported that the change allows the insured to contract credit operations while being protected from harassment by other financial institutions in the first three months of payment of the retirement or pension.
The normative instruction also established that the attorneys of retirees and pensioners cannot authorize the unblocking of credit operations. The new rule provides that, in these cases, the beneficiary must issue some “public mandate instrument” that authorizes the legal representative to unblock the granting of the loan and the discount of the installments from the payroll.
Since 2018, the beneficiary or legal representative must release the assigned credit operations and the payroll deduction through the Meu INSS application, accessed with a Gov.br Portal. After the login In the application, the user must search for the word “loan” and choose the “unlock” option, reading the instructions carefully.
The INSS advises policyholders to keep their benefits constantly blocked, as a means of preventing fraudsters from taking out payroll loan transactions in the name of third parties.
