Pensioner’s raise over 2 years edges closer

The fulfillment of an election promise of a raise for Panama’s retirees ie edging closer after nearly two years of protests and street blockages by aging citizens.

Guillermo Sáez-Llorens, Director of the Social Security Fund (CSS),  said Friday, May 6, that the executive board has approved an additional grant to the CSS to provide the promised raise.

He said the grant was approved two weeks ago and now the Ministry of Economy and Finance (MEF) must sign it and submit it as a bill to the National Assembly, where the corresponding revisions will be made.

The increase will, he said,  be staggered, as agreed int February with the feisty and leader of  the pensioners', Eladio Fernández.

Pensioners will get increases of $50, $35, $25, or $20 dollars, spread over two years, depending on the size of the current pension. For example, an increase of $50 would be awarded in stages: $25 in July 2011; $15 in July 2012; and $10 in July 2013.

Meanwhile the  cost of the basic food basket is spiraling upwards and inflation predicted at 6 to 7% this year.