Monday 20 September 2021

Wage Costs Could Increase in Costa Rica

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The Caja in downtown San Jose
The Caja in downtown San Jose. Photo Raphael Pacheco / La Nacion

QCOSTARICA – Mired in financial probelms and possible insolvency of insolvency of the pension system, the Caja Costarricense de Seguro Soical (CCSS) – Costa Rica Social Security commonly known as “La Caja”,  is analysing increasing contributions to the fund for disability, old age and death from 8.5% to 14%.

An article in La Nacion reports that “… The document Long-Term Actuarial Valuation of IVM, advises the Board of the CCSS to change contributions in order to provide sustainability to the country´s main pension scheme for a period of four decades.”

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For several years the scheme has been deteriorating, with variations between different actors of the date at which they become insolvent. One of the identified causes is the ability of workers to access early retirement.

Other causes could be “… the slowdown in the rate of increase of the yields from investment of the reserve and the effect generated by the economic crisis of 2009,” to which is ultimately added “… the effect of low inflation which has moderated growth of wages and, consequently, contributions to the fund. ”

Costa Rica stands out in the region because of its high cost of wages for companies, resulting in a loss of competitiveness.

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