Sadia is one of the world’s leading producers of chilled and frozen foods. Established in Brazil in 194...
Cyrela Brazil Realty is the largest residential real estate developer in Brazil. Considered one of the m...
Today, Banco do Brasil is the largest financial institution in the Country with 24.4 million clients and ...
CPFL Energia is a holding company in Brazilian electricity sector, operating through its subsidiaries in ...
Copersucar S.A. is the largest Brazilian sugar, ethanol and bioenergy company and a significant player in...

PIS / Pasep: R $ 1.5 billion has already been paid to the elderly until the 24

Benefit

Banco do Brasil and Caixa are the institutions responsible for the release of resources

After measures taken by the government to increase the purchasing power of the Brazilian, the end of the year will be a period with more money in circulation. Until November 24, the PIS / Pasep advance payments for the elderly placed R $ 1.5 billion in the economy. The expectation is that R $ 15.9 billion be released by the end of 2017.

According to information from Banco do Brasil, up to November 23,  312,085 quotas were paid, totaling R $ 515,474,375.53. These funds are from Pasep, a fund that is administered by the financial institution. The bank also informed that, 1.6 million of Pasep's quotaholders are able to receive these amounts in advance.

In the Federal Savings Bank, R $ 1 billion was released until the 24th. All of these funds were paid to 1 million quota holders who had a balance in the PIS and fall under the age conditions to receive the amounts. Caixa's objective is to release R $ 11.2 billion by the end of the calendar.

What has changed in PIS / Pasep

In October, the government decided to prepay the PIS / Pasep payment. That means more people will have access to the benefit this year. The calendar of payments of quotas for reasons of age and retirement was announced on September 28.

According to Provisional Measure 797/2017, women aged 62 and men over 65 who still have quotas balance will be entitled to make the withdrawals. The measure benefits 5.1 million workers.

Payment of PIS / Pasep quotas began on October 19. The worker registered in the PIS / PASEP Fund between 1971 and 04/10/1988 who has not yet withdrawn the total balance of quotas in the individual participation account is entitled to the quotas.

Source: Government of Brazil, with information from Caixa Econômica Federal and Banco do Brasil