Delinquent businesses put Panama pensions at risk

1,225Views 2Comments Posted 19/01/2020

PANAMA’S Chamber of Commerce, Industry and Agriculture (Cciap) has warned that if moves are not made to rein in companies who owe millions of dollars in social security (CSS) payments, funds that support the benefits for pensioners and retirees will reach a critical level.

The Chamber calls for an urgent review of companies that are delinquent with the Social Security Fund (CSS) and point to 2023 as the exhaustion date for pensions.

"As a serious and responsible guild, we are the first to urge the fulfillment of the responsibilities of private companies to the CSS," said a Cciap release statement on Sunday, January 19.

The business union proposed in its Country Agenda 2019-2024 document the separation of the social security entity into two: one that addresses the strictly financial issues related to the Disability, Old Age and Death Program; and another, the aspects related to the provision of health services.

“We insist on the importance of establishing dialogue and consultation to analyze this and other contributions from the private sector, which can strengthen the criteria adopted now, with the help of the best wishes of the country, and thereby overcome the 1/19/2020 Chamber of Commerce: A review of delinquent companies must be done with the CSS and thereby overcome the crisis that the CSS has been dragging for decades.