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Tripartite committee agrees on proposals to strengthen pensions in Costa Rica

A dialogue table composed of representatives of the workers, the Government and the companies of Costa Rica today agreed on a series of proposals to guarantee the solvency of the regime of Disability, Old Age and Death pensions (IVM).

San José, Nov 6 (EFE) .- A dialogue roundtable composed of representatives of workers, the Government and companies of Costa Rica today agreed on a series of proposals to guarantee the solvency of the disability pension, old age and death (IVM).

The dialogue table will deliver next Thursday a report with the recommendations to the state-owned Caja Costarricense del Social Security (CCSS), responsible for (IVM).

One of the main proposals is to maintain the retirement age at 65, but to increase it every three years from 2020 onwards. 0.5 percentage points quotas, distributed proportionally among employers, workers and the State with the objective of reaching a tripartite quotation of 12.16% for the year 2029.

This increase in quotas had already been approved in 2005, but to be applied every five years and not every three years as agreed today.

Another approach is to move IVM a contribution of 0.25% on salaries, which currently goes to the state bank Banco Popular.

The third big proposal is to push a bill so that the government can transfer to the IVM some 104 million dollars per year that currently serve for social assistance through the Family Allowances Fund (FODESAF).

The dialogue table also proposes that the administration of the pension fund establish as a target of real return on the investment fund a percentage not less than 4.8%.

The representative of the sector Luis Mesalles, said that the six months of work translated into "an intense and productive negotiation" and that the recommended measures "correct some things, but they are not drastic ".

" The proposals also do not solve the long-term structural problem. to see what happened and then to analyze the solutions to the structural problem again, "Mesalles said.

For his part, the Minister of Labor and Social Security, Alfredo Hasbum, said in a separate statement that the agreements will allow extending the sustainability of the regime for at least 20 years.

"We are building a positive scenario that reflects strengths. we can assure that the IVM was not bankrupt as it was said, it maintains its solidary character and in the hands of the CCSS, the workers are not punished in the process ", assured Hasbum.

A 2016 investigation by the state University of Costa Rica on the IVM revealed that the financial and actuarial situation "is complicated" and its reserves could end up in 2027.

The IVM has about 1.5 million contributors and about 235,000 pensioners.

The CCSS defends that the IVM is a sustainable regime, which has a reserve about 3,400 million dollars.

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