CSS- Social Security update for Panamanians
- By : Panama Now
- Category : Economy, Human Interest
All contributors to the Social Security Fund (CSS) that belong to the mixed subsystem of pensions have, as part of their personal savings component, a total of $ 821 million , according to the unaudited information of the institution, reported until 2016 .
Mixed program reports $ 2,457 million in assets
CSS pension money runs out
‘We are going to the CSS in search of health, but we do not know how we will come out’
Bureaucracy in the Social Security Fund, key in shortage
Since this system was created, a decade ago, none of the contributors knows the current status of the management of these funds and investments made by the CSS. This is because the entity does not provide financial reports and much less does it to each insured to know what has been saved in his personal account.
Due to the way in which this mixed system is structured, contributors must contribute more than 40 continuous years to retire with 60% of their salary. The number of retirees who have the program will also influence.
In the reserves of this system there is also a defined pillar, so that a part of the worker-employer contribution paid by the contributors is jointly and severally with the rest of the insured.
The total of this mixed program, including personal savings, adds $ 2 thousand 457 million in assets.
READ MORE:https://impresa.prensa.com/panorama/Cotizantes-CSS-millones-ahorro_0_5108489135.html
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