panama Announces B/. 140 Annual Bonus for Retirees and Pensioners
Panama City, Panama – In a important move to support its senior citizens, the Panamanian government has announced a permanent annual bonus of B/. 140.00 for all retirees and pensioners, effective immediately under Law 438, passed on June 14, 2024.This initiative, funded through a selective tax on alcoholic beverages, aims to provide crucial financial relief to over 130,000 beneficiaries across the country, according to estimates from the Ministry of Economy and Finance.
The bonus will be distributed in three installments throughout the year, providing consistent financial support to those on fixed incomes. The payment schedule is as follows:
- B/. 50.00 in April
- B/. 50.00 in August
- B/. 40.00 in December
Payments will be made via direct bank deposit (ACH) or physical checks,utilizing the existing collection methods registered with the Social Security Fund (CSS).Beneficiaries are encouraged to verify their payment details with the CSS to ensure timely receipt of funds.
Who Qualifies for the Permanent Bonus?
The benefit is available to all current retirees and pensioners registered with the CSS.However,individuals newly enrolled in the CSS payment system after June 2024 will not be eligible for this bonus,as stipulated by the new legislation. This ensures the bonus is targeted towards those who were already receiving benefits prior to the law’s enactment.
Impact and Future Outlook: This bonus represents a significant investment in the well-being of Panama’s elderly population. The government anticipates this measure will stimulate local economies as retirees spend their additional income.Further details regarding specific payment dates and eligibility verification can be found on the Social Security fund (CSS) website.
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