Fundo de Amparo ao Trabalhador (FAT) : resultados recentes e perspectivas

Abstract

The Fundo de Amparo ao Trabalhador (FAT; in english, Worker’s Support Fund) is, historically, the main funding source for the Brazilian Development Bank (BNDES). In recent years, important institutional and legislative changes that will impact on the dynamics of FAT accounts have been implemented, such as the change in the rules for accessing unemployment insurance and salary bonuses, the introduction of the Taxa de Longo Prazo (TLP; in english, Long-Term Tax) and the social security reform, which, among other deliberations, allowed the inclusion of social security expenses in FAT obligations. Based on this context, the objective of this article is to analyze the impact of these changes on the financial situation of FAT and evaluate its prospects, using projections regarding its results for the coming years. The results show that, in the medium and long term, the prospects for the FAT are positive, as long as the fund does not need to finance the payment of social security expenses from 2024 onwards. If social security expenses continue to be allocated as FAT expenses, however, the consequences for its results and assets could be harmful and, in more pessimistic scenarios, could even materialize in the reduction of the assets of FAT as a percentage of gross domestic product (GDP).