Pensioners Get Short Changed on Yearly Review

ccss

An announcement from the Social Security Fund (CCSS) on the 1.9%increase for its pensioners, many Costa Ricans were concerned because they say that the increase does not meet their needs.

The institution ensures that this calculation is based on the Consumer Price Indexof the last semester.

Jose Luis Quesada, CCSS pension manager said the institution has been adjusting pensions to the cost of living. “If the cost of living would have been 3%, the Fund would have increased the pension at that level.” he said.

For example: with the current increase of 1.9%, a pension would increase from ¢120,000 to ¢122,280 and ¢150,000 to ¢152,850.

According to the management of pensions, the minimum pension within the Fund is ¢115,000.

“The total number of pensioners is over 172,000. With the average pension around ¢190,000 and ¢115,000 on the low end.” said Quesada.

The institution ensures that the increase in the second half of the year represents a more significant increase.

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