He President of the Republic Laurentino Cortizor requested to remove the policy from matters related to Dialogue table for the Social Security Fund (CSS) and a new contract with Panama Mining.
In his seventh report to the nation, the president called on all sectors of society to behave responsibly, without economic, political or any other interests other than the welfare of the majority.
Speaking about the new mining contract, Cortizo reiterated that it is much more favorable than the previous one, because it benefits the country in economic, social, labor and environmental aspects.
He specified that the country is economically guaranteed a minimum payment of B/.375 million, which is equivalent to 10 times more than what Panama previously received, with a guaranteed royalty payment of between 12 and 16% on gross profit, while in the previous one that royalty was was 2%.
The President listed all the direct benefits that the country will receive from the payment of B/.375 million per year after the new contract. Among them, he said 5% of those payments — an estimated B/.20 million a year — would go to the Institute for the Improvement and Welfare of Teachers; 20% – more than B/.75 million per year – will be so that no CSS pensioner receives less than B/.350 pension.
In addition, 25%, which is more than B/.90 million per year, will be allocated to the neighborhoods of Donoso and Omar Torrijos, in Colón; and La Pintada, in Coclé. 50% of the annuity —about B/.190 million— will be for the Old Age, Disability and Death (IVM) Program of the CSS.
Regarding the future of the CSS program, he noted that the National Government is ready to participate in the CSS Dialogue Table, from which sustainable proposals should emerge that strengthen the IVM program.
“Respecting the autonomy of the Social Security Fund, the national government has agreed in a new contract with Minera Panama to provide for the maintenance of the Disability, Old Age and Death Program, a contribution of at least 190 million balbos per year, for 20 years. This, while maintaining the other annual contributions of the National Government to the Social Security Fund,” he said.
Cortiz’s statements come amid heated questions and apparent rejection of the Minera Panamá contract by some lawmakers.
Deputy Speaker of the National Assembly Jaime Vargas listed both issues as a priority for this last period of regular sessions of the National Assembly.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
