2023-06-20 02:20:33
© Reuters. President Luiz Inacio Lula da Silva on the ramp of the Planalto Palace in Brasilia 05/10/2023 REUTERS/Adriano Machado
By Maria Carolina Marcello
BRASILIA (Reuters) – President Luiz Inácio Lula da Silva announced on Monday the expansion of the existential minimum from 303 reais to 600 reais, increasing the portion of the citizen’s income that cannot be charged for payment of payroll loans or blocked in case of over-indebtedness.
The existential minimum consists of a minimum amount of income necessary to pay basic expenses, such as water and electricity, protected by law in cases of over-indebtedness. The measure will be published on Tuesday in the Official Gazette of the Union, according to a note from the Planalto Palace.
“Today I signed the extension of the existential minimum value to R$600, a measure that increases the slice of income that cannot be charged on payroll loans or blocked by financial institutions in case of over-indebtedness”, said the president in his Twitter profile.
“This initiative is part of a series of efforts by our government to guarantee credit and consumption conditions for the Brazilian people, contributing to the heating up of the economy”, he added.
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