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.