Brazil approves payroll loan for private sector workers

The Brazilian Senate approved a bill creating a new credit line, "Consignado CLT," for private sector workers, allowing them to take out loans with payroll deductions. The new loan program, already in effect since March, requires congressional approval to become law. The approved text expands the loan options to include app-based drivers and delivery workers, with contracts starting this Friday. The "Consignado CLT" allows workers to use up to 10% of their FGTS balance or 100% of their severance pay as loan guarantees. The program has already seen over R$14 billion in loans contracted.