Blitz to recover $280 million social security payments from delinquent businesses

With the threat that in three years the reserves of Panama’s Social Security Fund  (CSS) will have dried up, the agency deployed hundreds of operatives on  Monday, Jan 21 to knock on doors of delinquent businesses that collectively owe over $280 million.

On Wednesday, it announced that all its agencies are authorized to make payments, whether partial or complete, of the debts that are owed to the entity.

Those who have outstanding accounts with the CSS are urged to catch up and “thus help keep the finances of this social security institution healthy,” said an agency statement.

According to the latest report on late payment to the entity there is about $280 million made up of worker contributions that have already been deducted and not reported and the contributions that employers are required to provide by law.

On January 14, CSS Director  Enrique Lau Cortés, revealed that for two years the reserves of the pension program are being used and that they will be exhausted in 2023.