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.

More on this topic

Radical Change in Pension Schemes in El Salvador

July 2013

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. reports that "According to a study on pensions which the Treasury, along with other institutions, is working on, decree number 100 has cost the Government $6 billion, an amount which must be financed by Salvadoran taxpayers."

El Salvador: AFPs can Invest Abroad

April 2012

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.

The Salvadoran government is preparing a second reform of the law on Pension Fund Administrators (AFP), and other possible changes.

A Percentage of Sales Tax for Pensions

December 2013

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.

The candidate of the National Liberation Party (Partido Liberación Nacional), Johnny Araya, proposed in his government plan that of the 13% tax charged on each sale, 3% be assigned to the funds set up by pension providers to cover the pensions of those over 65 years old.

Increase in Investment in Voluntary Pensions in Panama

December 2013

Growth in personal income, attractive yields and greater awareness about saving are driving interest in investing for retirement.

The pension market has been growing by nearly 25% a year, with assets under management which today are worth around $300 million. This is despite the fact that of the over half a million people working in Panama only 61,631 (3.8%) are enrolled in some form of private pension fund, which demonstrates the high potential for growth this market has.

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