Padres-con-pensi-n-obligados-a-salario-escolarQCOSTARICA – The Banco Popular will be handing over ¢1.689 billion colones to the thousands in the private sector, who have signed up for the “school savings” fund that the bank has been managing since 2008.

“We are talking about 12.100 workers who keep their money at the bank, who will benefit with financial support for the start of the school year,” said Victor Rodrigues, director of personal banking at the Popular.

The fund was created by Law 8682, “Promoción del Salario Escolar en el Sector Privado” (Promoting School Salary in the Private Sector), that allows banks to provide a product specially designed for workers of the private sector.

Public sector employees have a similar program of school savings, payments made by the Central Government coffers, which must be paid within the next two weeks.

In addition, the Banco Popular offers customers a loan of up to five times their savings.