Thursday 30 November 2023

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

Paying the bills


Costa Rica loses its young people to violent deaths in homicides, traffic accidents and suicides

QCOSTARICA -- Costa Rica is currently facing a harsh...

Costa Rican Judge Nancy Hernández Appointed New President of the Inter-American Court

QCOSTARICA -- Starting next year and for a period...

Cruise-type airship balloons to increase tourism in Costa Rica?

QCOSTARICA -- In an effort to revolutionize the aviation...

Who is Leonard Bernstein’s wife, Costa Rica’s Felicia Montealegre?

QCOSTARICA (Daily Mail) American actor and filmmaker. Bradley Cooper...

Booming Migrant Charter Flights to Nicaragua Prompt US Crackdown

Q24N (VOA) Cuban and Haitian migrants are increasingly taking...

Nicaragua’s Miss Universe Title Win Exposes Deep Political Divide

Q24N (VOA) Nicaragua's increasingly isolated and repressive government thought...

Dollar Exchange

¢528.37 BUY

¢533.34 SELL

29 November 2023 - At The Banks - Source: BCCR

Paying the bills


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
"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

Co-pay key to reduce CCSS waiting lists

QCOSTARICA -- The Caja Costarricense del Seguro Social (CCSS) and the...

People are rallying in defense of the CCSS in streets of the capital this Saturday

Q COSTA RICA - Plans to visit downtown San José today,...

Subscribe to our stories

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

%d bloggers like this: