Retirees earning less than $350 will get an increase

Retirees earning less than $300 a month will get an increase starting November 20.

This was announced by the president on Tuesdayand Laurentino Cortizoin the Yellow Room of the Presidency of the Republic.

The increase seeks to ensure that the country’s minimum pension is now $350.

The funds will be collected from the payments that Minera Panamá will make to the state, as a result of the new concession agreement.

The increase will affect about 120,315 pensioners, who are currently surviving on less than $350 a month.

In addition, $190 million annually over the next 20 years will be allocated to the Disability, Old Age and Death (IVM) program of the Social Security Fund (CSS).

“This new contribution will allow the Social Security Fund and the country to conduct a broad dialogue, without pressure, that will lead us to find long-term solutions for the sustainability of the IVM program,” Cortizo said in his message to the country.

The approved contract law for Panama, among other benefits, provides 9,387 direct jobs at the mine with an annual payroll of $357 million, which translates into a contribution to the Social Security Fund of $161 million each year.

It also guarantees with an agreed minimum annual payout of $375 million that no retiree or retiree receives less than $350 a month.

On environmental issues, the Chief Executive indicated that these include, among other aspects, the afforestation planmine closure and post-closure plan, as well as ongoing on-site monitoring and control of the fulfillment of contractual obligations in matters of environmental protection.

On the other hand, he pointed out that Law 11 of 2012 prohibits the granting of concessions for the exploration, exploitation and extraction of metallic and non-metallic ores and their derivatives in the Ngäbe Buglé region.