Brazil May Share FGTS Profit With Workers, O Globo Reports

Brazil’s government may share 50 percent of the profit of the workers’ compensation fund, known as FGTS, with its holders, O Globo reported, citing documents from Caixa Economica Federal, the state-controlled bank that manages the fund.

The measure has the support of the Labor ministry, the Rio de Janeiro-based newspaper said. FGTS had 217 billion reais ($121.5 billion) and 90 million accounts in activity as of the end of 2010, O Globo reported.

To contact the reporter on this story: Maria Luiza Rabello in Brasilia at mrabello@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.