Wednesday 26 January 2022

Men would retire at 65 and women at 63 in Costa Rica

Paying the bills

Latest

Is it legal to put have cameras outside houses?

QCOSTARICA - Yes, it is possible to have security...

Costa Rica applied 89,120 doses against covid in the last 8 days

QCOSTARICA - In the last 8 days, Costa Rica...

20 Best Sites to Buy Instagram Story Views

If improving your audience reach for better sales and...

Top Progressive Jackpot Slots

The prizes used to be in the form of...

Panama levels of corruption in the public sector have remained stagnant since 2012

Q24N - The 2021 Corruption Perceptions Index (CPI) published...

These are the 4 reasons why the Government opposes the medical cannabis law

QCOSTARICA - In the normal process of a bill,...
Paying the bills

Share

QCOSTARICA – In order to save the Invalidez, Vejez y Muerte (IVM) – Disability, Old Age and Death – pension fund, the board of directors of the Caja Costarricense de Seguro Social (CCSS) eliminated early retirement for men.

The measure that will take effect in two years implies retirement for men at 65 years and women at 63 years.

- Advertisement -

Currently, men can retire at 62.

The objective is to give the fund sustainability until 2050.

As the Caja is an autonomous institution, the change does not require legislative approval.

The Covid-19 crisis has created an important gap in the Caja’s pension system, while the reserves of the pension scheme have already begun to be used.

In 2020, the fund reported the lowest level of growth of reserve in the last nine years, due to unemployment reaching 25%.

As of last December, the balance amounted to ¢2.38 trillion colones, an increase of just 3.83%, compared to the same period in 2019.

- Advertisement -

The drastic reduction in income forced the CCSS to touch the fund’s reserve, specifically ¢25 billion, during last year and the first months of 2021, to face the payment of pensions.

If nothing is done, the pension fund would start collapsing in 2037, according to the superintendency of pensions.

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Costa Rica applied 89,120 doses against covid in the last 8 days

QCOSTARICA - In the last 8 days, Costa Rica applied 89,120...

Vaccination of children between 5 and 11 begins on Tuesday, January 11

QCOSTARICA - The vaccination of children between the ages of 5...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.