Sickness allowance is a benefit guaranteed by the Government for employees who need to take time off work for health reasons to get treatment. The illnesses that can cause someone to be temporarily absent from work are many, and can range from serious illnesses (such as immunodeficiency syndrome, cancer or any type of illness that is or can be treated as terminal).
However, because they are receiving assistance during the period of absence, many people wonder if it is possible to apply for a loan from the bank during that period. Check it out below.
What this article covers:
What benefits can you borrow?
Not all benefits offered by the INSS are consignable. It is important to point out that there is a difference between “beneficiary” and “insured”: while the first has the concession given permanently by the INSS, the second is someone who contributes monthly to Social Security, receives assistance in case he needs to stop or be absent from work, and even apply for disability retirement if necessary.
Bearing this difference in mind, sick pay is a benefit available to employees who need to be absent from work for health reasons (especially if the illness or accident occurs in the workplace). Therefore, anyone who is benefited by sickness benefit — now temporary disability aid — cannot apply for a payroll loan. In these cases, it is more advisable for the employee to look for an overdraft, resort to credit cards, financing or even request an advance on the 13th salary.
In cases such as old-age or disability retirement, length of service or contribution, death pension and accident benefits, it is possible to make a payroll loan to the retiree or his dependents in the case of the death pension (requested by the retiree while still alive).
Which bank makes a loan for sick pay?
The bank responsible for making you receive sickness benefit — or other benefits provided by the INSS — is the same bank that will be used to apply for a loan, but upon presentation of a medical certificate or any other documents that are capable of proving the illness , or disability in question.
Since sick pay is a benefit that does not allow payroll loans, it does not mean that the beneficiary is exempt from making loans in general. Loans with guarantee, financing and overdraft are other types of loans that can be carried out by those who have sick pay.