Pensioner Benefits Raised in Panama
(Source: http://primapanama.blogs.com/) The higher costs of everything are forcing the government to increase the money paid to the 175,000 people who receive pensions in the country. At just $60 a month increase it will amount to over $10 million a month that was not in the original budget. The combination of higher commodity prices and U.S. dollar inflation are taking a heavy toll on Panama.
From the Costa Rica Daily news
Pensioner Benefits Raised in Panama
Martin Torrijos, President of Panama, announced today new benefits and retirement pensions to help the 175 thousand pensioners face the high cost of living.
In a message to the Nation, the leader informed next July a convertible bond for 60 balboas (dollars), from a fund approved by the government, will be given to these people.
He released the news of a bill that will be subject to the approval of Parliament the 1st of September, in order to standardize this bonus every July.
Torrijos reminded that the government gives pensioners a similar amount every December, without affecting the funds in the Social Security Box.
The second regulation announced by the President is to include 10 thousand extremely poor elders without social security assistance in the Opportunities Net/
The leader stated that 15 thousand elders are included in the program that hands 35 dollars a month to almost 50 thousand poor families on the condition they pay attention to their children’s education and health.
Torrijos said these actions will contribute to mitigate the purchasing power lost, consequence of the increased the family shopping basket cost, and, thus, help pensioners live a decent old age.
The increase in the prices of crude oil and food in the international market, which has become a world crisis, affects everybody but especially the poor, said the President, and the government took some steps to help soothe its impact.
Among the governmental measures, he mentioned a subsidy for almost 41 million dollars to keep immutable the electric bill of those who consume up to 500 kilowatts a month, 90 % of the total.
He added, other subsidies keep the price of the 25 pounds gas cylinder in 4.37 dollars and public transportation tickets in 25 cents, among other measures that favor the purchase of low-price houses.
He also mentioned, as one of the results of these measures, to have saved the Social Security Box from bankruptcy and denied versions that this and Public Health-Care Services are to become private.
