Eletrobrás share reserve starts this Friday; worker can use FGTS in the purchase | Economy

Workers from any sector who have funds in the Severance Indemnity Fund (FGTS) may use up to 50% of this balance to buy Eletrobrás shares in the company’s privatization process. The minimum amount for the application is R$ 200 per worker.

Balance reservations can be made between this Friday (3) and next Wednesday (8) with the administrative institution chosen and authorized by the worker.

Since last Friday (27), when the Eletrobrás stock offering was launched, every worker residing and domiciled in Brazil who has an account linked to the FGTS, active or inactive, can now simulate the balance available for investment in Mutual Funds for Privatization (FMPs) of the company through the FGTS application.


The application can be downloaded from the following links:

  • android cell phones (click here to download)
  • iOS Cell Phones – Apple (click here to download)

The purchase will take place through the so-called “privatization mutual funds”, a device created in the 2000s that has already been used by the government in the sale of papers from other state-owned companies.

In March, Caixa Econômica Federal published procedures and rules for the use of funds for workers interested in participating in any privatization offer authorized under the National Privatization Program (PND).

The privatization of Eletrobrás was approved on the 18th by the Federal Audit Court (TCU). In addition to the state-owned energy company, the economic team also plans to privatize the Post Office this year.

  • Privatization of Eletrobras: what are the next steps
  • Consequences: where does the money go and what will be the impact on the electricity bill?

the use of FGTS in privatizations has already occurred on three occasions: Petrobras, in 2000; Rio Doce Valley, 2002; and Petrobras again, in 2010. Mutual funds are managed by financial institutions.

In the process of privatization of Eletrobrás, a ceiling of R$ 6 billion was established for the global use of FGTS resources in the purchase of shares in the public offering. If applications exceed this ceiling, an apportionment will be made.

According to the rules, the worker’s participation in privatization mutual funds, with FGTS resources, may occur individually or through an Investment Club (CI-FGTS) managed by an institution authorized by the Securities and Exchange Commission (CVM) .

“If there is prior retention/blocking of part or all of the worker’s linked account balance, the amount available for FMP application will be limited to the remaining available resource”, explained Caixa.

by the rules, the worker may authorize, through the application of the FGTSthe institution that manages the privatization mutual fund to consult the balance and request the reservation, and debit, of part of the balance of its account FGTS for privatizations.

“Only after 12 months have elapsed from the date of application can there be retraction with a consequent return on investment to the FGTS”, Caixa informed. For this to occur, the request will be made by the holder of the account linked to the administrator of the FMP-FGTS or CI-FGTS.

In addition to the FGTS application, the worker may, at CAIXA branches, consult the balance available for investment in FMP, simulate the application and authorize an institution that administers the FMP-FGTS to reserve the amounts for investment in FMP.

FMP-FGTS administrators

After authorization, the worker must contact the FMP-FGTS Administrator chosen to inform the amounts he wants to apply.

From the choice of the FMP-FGTS Administrator, all the worker’s relationship to effect the application will take place with the selected institution, which becomes responsible for the application of the values ​​of their FGTS accounts.

The investment in FMP quotas may be up to 50% of the balance of each linked account, valid for operations within the scope of the National Privatization Program and/or similar state programs approved by the Investment Partnership Program Council (CPPI).

However, within the limit of 50%, all investments that the worker has in FMP-FGTS will be taken into account. In other words, if the investor has part of his FGTS still invested in Petrobras and Vale shares, this amount must be deducted to find out how much can now be allocated to Eletrobras shares.

“The limitation of 50% of the total balance of the linked account must be observed for each application, based on the balance of the linked account and considering previous uses in the FMP-FGTS”, says Caixa in the document.

For the use of the FGTS in the acquisition of a home that is ready or under construction, in the payment of part of the installments and in the amortization or extraordinary settlement of the outstanding balance of financing from the Housing Finance System (SFH), the return of the amounts invested in FMP-FGTS may be total or partial.

Financial institutions that manage privatization mutual funds, in turn, must offer workers:

  • consultation of the worker’s balance available for investment in FMP;
  • registration of the FMP Application Worker Request;
  • Operation Regularization record;
  • Value Blocking information from the Linked Accounts.

Privatization funds can be an alternative for workers looking to improve the performance of their resources. However, there is no guarantee that this will happen. By law, the FGTS has a yield of 3% per year.

In recent years, however, workers have also received part of the Guarantee Fund’s profits, which result from interest charged on loans for infrastructure, sanitation and home ownership projects. The distribution improved the return on funds deposited in the fund.

In 2020, with the distribution to workers of the FGTS profit, the income was 4.52%. In 2019, considering the additional profit distribution, the yield was 4.90%. In 2018, it reached 6.18%.

According to an analysis by XP, it paid off to have invested in portfolio diversification with FGTS funds in previous operations (Petrobras and Vale do Rio Doce).

“Investors who left their funds invested only in the FGTS had a return of 136.09% [2002 a 2022]. For the investor who invested in a simulated FMP of Vale da Rio Doce, one of the options offered on the market, the return was 2,235.13%. For the investor who put resources in the simulated Petrobras fund, another option offered to the market, it had a return of 649.36% in the same period”, informed the brokerage.

The provisional measure that enables the privatization of Eletrobrás was sanctioned in July last year by President Jair Bolsonaro.


With privatization, the government would no longer be the majority shareholder in the company. Today, he holds more than 60% of these shares, and the goal is to keep 45%.

Understand how the privatization of Eletrobras impacts the electricity bill

The government intends to transform Eletrobrás into a “corporation”, a private company with no defined controller. A similar model was adopted in the privatization of Embraer.

According to the government, privatization will restore the company’s investment capacity in energy generation and transmission and may reduce the electricity bill.

Entities in the sector, however, claim that the bill will be more expensive, because deputies and senators have included in the text measures that generate costs to be paid by consumers.

'Electricity bill may be more expensive because of privatization', says Miriam Leitão about Eletrobrás

‘Electricity bill may be more expensive because of privatization’, says Miriam Leitão about Eletrobrás