Did you know? Find out if it is possible to advance your FGTS withdrawal

The Service Time Guarantee Fund (FGTS) is a benefit created to protect Brazilian workers in the event of unfair dismissal or serious illness. Furthermore, the guarantee fund accumulates a balance that can be used by the worker in his retirement, or, in the event of his death, by his dependents.

However, if you are in need of money, know that it is possible to circumvent the formal rules and withdraw the FGTS in advance. Read the sequence carefully and find out how you can withdraw the money.

What are the ways to anticipate the FGTS?

Below, check out the different two types of modalities in force for withdrawing the FGTS:

Withdrawal-termination

As mentioned previously, the FGTS provides some withdrawal possibilities. The most common and standard is withdrawal-termination. In it, the worker can withdraw the full value of the benefit if their contract is terminated without just cause. 

In addition to the full amount available, corresponding to the 8% of the employee's salary deposited monthly by the company, the employee will be entitled to a termination fine of 40%. Therefore, this percentage is applied to the total value of the active FGTS account.

Birthday withdrawal

If the person wants to operate the account, but is still working, it is possible to opt for a birthday withdrawal. This modality is more recent, and allows the worker to make withdrawals once a year, in the month of their birthday. 

However, when choosing to change modality, the employee gives up the withdrawal, which can only be returned two years after the change. Furthermore, the amount withdrawn does not correspond to the total balance available in your FGTS account. 

Step by step to anticipate withdrawal from FGTS

The advance withdrawal works like a loan that allows you to withdraw up to installments of the birthday withdrawal at once. However, the number of advance installments is determined by the financial institution chosen to make the loan.

Below, check out the steps to take out the loan in advance:

1. First, log in to the FGTS application (available for android It is iOS);
2. On the main screen, select “FGTS birthday withdrawal” and then “Birthday withdrawal modality;
3. After confirming the change of modality, return to the home screen and click on “Authorize banks to consult your FGTS”;
4. Then, choose “Birthday withdrawal loan” and accept the terms;
5. Select “Add institution” and choose the bank defined to make the loan;
6. Finally, contact the institution to finalize the process and decide the total amount of advance installments, the specific conditions and fees.

Finally, it is worth highlighting that early withdrawal can be an affordable alternative if necessary. However, it is important to pay attention to the conditions of each financial institution, analyzing them thoroughly before finalizing the contract.

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