Guatemala seeks funds to keep pledge to pensioners
Guatemala's government has promised pensioners an increase but has yet to work out where the money will come from.
Wednesday, May 28, 2008
President Álvaro Colom announced the increase amid a blaze of publicity two weeks ago. But though the increase is slated to come into effect July 1, the finance ministry has yet to identify the source of its contribution of US$5 million.
The Ministry of Finance is reviewing eliminating life annuities, a benefit which affects about 130 thousand people, in place thanks to a decree by the government of Elias Saca.
A new reform is being prepared containing the rules governing the activities of Pension Fund Administrators, seeking to improve the profitability of the contributions for all contributors.
In Costa Rica the presidential candidate of the ruling party is proposing using part of the proceeds from the tax to fund pensions and improve control of tax evasion.
Growth in personal income, attractive yields and greater awareness about saving are driving interest in investing for retirement.
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