Brazilian state-owned bank Caixa Econômica Federal has already opened 91.5 million digital social savings accounts, created for the payment of social assistance to Brazilians in the COVID-19 pandemic.
According to Folha de São Paulo, this is also the number of people who are experiencing instability in the Caixa Tem app, used by the bank to transfer the aid. The bank announced that it would use this new savings method to make payments even at the beginning of the pandemic. The initial project was only for the emergency aid deposit.
However, it was expanded to paid the BRL 1,045 ($200) from the FGTS (the Portuguese acronym for “Guarantee Fund for Length of Service,” an obligatory social insurance fund which saves 8% of the worker’s earnings monthly to support them in case of specific eventualities, such as long-term sickness or the purchase of a new home).