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The government is reducing the wage rate cap for INSS

Photo: Marcello Casal Jr./Agência Brasil

The amendment does not apply to already signed contracts.

The limit will decrease from 2.14% to 1.70% per month for conventional loans. For payday credit cards, the cap will increase from 3.06% to 2.62%.

The measure, which was approved by a vote of 12 to three, comes into force after publication in the Official Gazette, scheduled for Wednesday (15) by the Ministry of Social Security.

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