FGTS Anniversary Withdrawal in 2024: How it Works and What's New?
The Loan Guarantee Fund Anniversary Withdrawal, a way for workers to withdraw a portion of their guarantee fund balance each year, is now available for 2024. This resource can be a major financial relief, but it is important to understand how it works and what options are possible changes in regulations.
Below we explain everything you need to know about this withdrawal method, including the calendar, pros and cons, and new government proposals.
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How does the FGTS Birthday Draw work?
The Birthday Withdrawal was introduced to provide workers with the ability to withdraw a portion of their FGTS resources once a year, in the month of their birthday. Here is a summary of how this method works:
- Annual withdrawal: Every year, in the month of his birthday, the worker can access a portion of the balance available in his FGTS account.
- Limitations in case of dismissal: If an employee chooses to withdraw from the date of birth and is dismissed without just cause, he or she will only be able to withdraw the severance pay, not the total FGTS balance. This decision should be carefully considered, as it can affect financial security during job transitions.
Payment Calendar, Check
To make planning easier, the government has a calendar for releasing withdrawal amounts at Christmas. Check availability dates for 2024:
- January: January 2nd to March 29th
- February: February 1st to April 30th
- March: March 1st to May 31st
- April: April 1 to June 28
- May: May 2nd to July 31st
- June: June 3rd to August 30th
- July: July 1st to September 30th
- August: August 1st to October 31st
- September: September 2nd to November 30th
- October: October 1st to December 29th
- November: November 1 to January 31, 2025
- December: December 2nd to February 28th, 2025
Workers should pay attention to their birth month to access available resources.
Pros and Cons of Opting Out of Christmas
Like any method, Christmas withdrawal has advantages and disadvantages that must be evaluated:
Advantages
- Annual Access to Resources: Allows workers to access a portion of their FGTS annually, which can be useful in financial emergencies or to carry out personal projects.
- Financial Flexibility: Provides an alternative to drawing on FGTS resources, allowing for better financial planning.
Disadvantages
- Limitations in the event of dismissal: If an employee is dismissed without just cause, he or she will not be able to access the full FGTS balance, which can pose a significant financial challenge.
- Irreversible Choice: Choosing to withdraw for Christmas is a decision that can impact your long-term financial security.
Changes in FGTS organization
The government is considering changes to the regulation of FGTS birthday withdrawals. The Ministry of Labour’s proposal suggests that workers can withdraw the full FGTS balance, plus the end-of-service gratuity, in cases of unfair dismissal.
This proposal aims to make the method more attractive and fair, and to align it with the conditions offered to workers who have not chosen to opt out of the date of birth. Discussions are still ongoing, and the changes could have significant implications for workers.
Find out how to pull off your FGTS birthday this year.
- To access the Christmas draw in 2024, follow these simple steps:
- Log in to the portal or application: Enter Website Or the official FGTS app.
- Check Balance: Check the available balance in your FGTS account.
- Select Birthday Withdrawal: If you haven't selected this option yet, select the Birthday Withdrawal option.
- Withdrawal Request: Submit the request in your birth month.
- Transfer funds: Follow the instructions to transfer the amount to the desired account.
Photo: Etalber/Shutterstock
