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The Task Force on Capital Markets and Savings of the Federal Government, consisting of several entities, proposed Monday (24), among other measures, the automatic enrollment of employees in funds closed private pensions, that is to say in so-called pension funds.
A private pension is a way for the worker to save more resources for retirement. According to the current rules, private sector employees and civil servants recruited after the creation of the server fund (Funpresp) can only receive more than the ceiling of the National Institute of Social Security (INSS), which is the only institution in the world. raises R $ 5,645. , 80. This amount will be corrected in 2019.
To be valid, the proposal of the working group must always be transmitted to the National Congress, approved by the parliamentarians and sanctioned by the President of the Republic.
According to the group, the measure is intended to encourage greater employee participation in supplemental pension plans. According to the proposal, it would be possible for the employee to leave the plan once registered.
The capital market working group was set up by the Ministry of Planning, the Central Bank (BC), the Securities Commission (CVM), the National Authority for Supplementary Pensions (Previc), the Superintendence of Private Insurance. Susep) and the National Bank for Economic and Social Development (BNDES).
Supplementary pension scheme closed
According to Previc's badessment, the closed supplemental pension scheme is part of the Brazilian social security system and constitutes "an important additional protective instrument for the worker and a mechanism for long-term internal savings training, which is necessary to: develop the country's investment capacity and diversify sources of financing for economic growth. "
He adds that closed private pension funds ( CSPS), more commonly known as pension funds, are organized by companies and badociations to provide their employees or badociates with a supplement to retirement provided by the general social security system (administered by the National Institute of social security – INSS), through the administration of social benefits schemes.
"Benefit plans managed by these entities may provide, in addition to the supplemental pension, protection against unplanned events such as death, illness, disability, among others, according to the regulation of the regime, "he explained.
Private companies are funded by contributions from the employer and employee, which are transferred to the respective benefit plans, to be invested and returned, in the form of income, to the employer. Employee at the time of his retirement.
Boosting Financial Markets
In addition to the automatic enrollment of workers in pension funds, the federal government task force also enumerated a number of other proposals designed to stimulate financial markets, including stock exchanges, brokers and approved financial institutions.
The purpose of these measures, according to the Executive Secretary of the Ministry of Finance, Ana Paula Vescovi, is to allow the creation of an environment conducive to the reduction of the basic interest rate of the economy, currently 6.50% per annum, reflecting in the return of the development of the Brazilian capital market.
"Increasingly, the participation of capital markets, insurance, reinsurance and supplementary pensions has proved of great importance to allow for greater potential growth. of the economy … I believe that the union of efforts between governments and the market is capable of producing immediate results that will be effectively achieved during the next economic cycles, "he added .
Other measures proposed by the group
- Infrastructure Debentures: Creation of a new debenture with tax advantages for the issuer; an extension of 24 to 60 months of the term of the fees that may be reimbursed for the acquisition through debentures;
- Incentive for financing by means of infrastructure bonds (withholding tax): Exemption from income tax when issuing bonds (obligations under infrastructure) abroad
- Establishment of a financial fund for
- CNPJ by plan (separation by shares of closed pension funds): a solution to guarantee the independence of the benefit plans of CSPS and mitigating legal risk related to lack of segregation of badets
- Green bonds and social impact bonds: inclusion of infrastructure projects with social and environmental benefits in the list projects considered as priority by the art. 2 of Decree 8.874 of 2016.
- Issuance of debentures by Ltda. (modified to simplify the rules for the issuance of open SMEs): issuance of small and medium-sized companies, with minimum criteria for corporate governance and accounting information to be defined by the CVM
- Creating an environment conducive to long-term financing: Creating an environment recognized by regulators for long-term financing (debt and equity), self-financing -regulated, similar to international market environments, supported by other gatekeepers of the market.
- Development of a bond market in accordance with international standards:
- Creation of letters of credit for infrastructure: creation of the LCD (development letter of credit), title to be attributed to BNDES and to of other development banks, with similar tax treatment as debentures LCA, CRA, LCI, CRI and Infrastructure
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