Public sector employees can breathe a little easier now that the Plan Fiscal has passed into law, with the announcement by the Ministry of Finance that it is in a better position to pay the Aguinaldo (the annual bonus).
Although initially this Ministry of Finance had scheduled the payment on December 6, Minister Rocío Aguilar, ruled out that possibility on Tuesday afternoon, because even if they had the money, they do not have time for a system issue.
The government, as private sector employers, have until December 20 to pay the equivalent of a 13th-month salary to all its employees.
The government has been scrambling to find the money to pay the bonus. However, with the passing of the tax reform, Aguilar said with the change in terms of confidence in the markets, it expects to be able to raise the money at following (financial) auctions and it will seek to advance that date as much as possible.
“We will have to see if the latest events improve the possibilities of attracting to meet the obligations before that date (December 20),” she said.
The minister bases her optimism in the “positive reaction” in the markets with the Constitutional Court ruling on November 23 that paved the way to Monday’s approval and quick action by the government to enact the Ley 9635.
The central government, that does not include autonomous agencies such as ICE, Recope, State banks and so on, requires ¢170,000,000,000 colones to pay the 2018 Aguinaldo.