What does FGTS Stand for

Guarantee fund Service time

FGTS is the acronym of the guarantee fund of the service. The benefit was created in 1966 and is regulated by law No. 8,036/90 and Decree 99,684/90. Is a Fund for workers and collected monthly from your salary. The Fund is a way to ensure the future of the Brazilian worker, and to have access to the FGTS simply depositing monthly a percentage of how much you get. There’s no need to be officially registered. Rural workers, freelancers and with variable annuities can also gain access to the bottom.

The guarantee fund may be removed in cases of termination of the contract of the worker, whether in the event of resignation by mutual fault without just cause or by expiration of the contract of employment. In addition, it can also be withdrawn if something happens to the company or branch in which you work, a natural disaster affecting the area of their residence or in case of serious illness. The FGTS money can be accessed by the family if the holder dies.

The FGTS is also a good way to make it pay off or relieve a financing of property. To use it in mortgage financing, licensee may not own any other property or financing on your behalf, and the price of housing may not exceed the limit set by the State.