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INSS policyholders will have new social security factor backing out. This is because the Brazilian Institute of Geography and Statistics (IBGE) published on Thursday (26) the update of the life expectancy of the country’s population. This indicator serves as the basis for the social security factor.
According to IBGE, in the Complete Mortality Table for Brazil, there was an increase in life expectancy from 76.3 in 2018 to 76.6 years in 2019.
New factor of social security
The new table will be released until Monday (30). While Tuesday (1st) begins to count. This change will affect those who retire under the 50% toll transition rule, which came into effect with the pension reform. Whereas, the policyholders who complied with the rules before retirement must have the retirement calculation according to the previous tables.
In other words, the social security factor is an index that is used to calculate some types of pensions, such as contribution time. In practice, the earlier the person submits the application, the lower its value. This calculation is updated based on the change in life expectancy.
Thus, according to the newspaper Agora São Paulo in relation to the analysis of Conde Consultoria Atuarial, when considering an average increase of 56 days in life expectancy, the insured will have a new social security factor which reduces the value of their pensions by 0.73%, on average. Therefore, to compensate for this change, it will be necessary to increase the listing time by another two months.
The 50% toll transition rule applies to anyone within two years of completing the minimum contribution period, so it is possible to retire without a minimum age but with the social security factor. For this, it is necessary to comply with a 50% toll on the time that was left when the pension reform came into effect. For example, the insured who was 1 year from retirement must work another 6 months.
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