August 19, 2013

Old Age Pension

In February 2013 Curacao changed the age to become elegible for old age social benefits from 60 to 65. This in an effort to keep the system affordable. Transitory legislation is in place for those who have the age of 56 or older before March 1st of this year. I think this is a good step into the right direction. The Curacao population is relatively old so let's hope this be enough to keep the system in place. Maybe it is a good idea to have the receivers of the old age pension also contribute old age premiums. Currently that is not the case. You either receive old age pension or you (are supposed to) contribute premiums to fund for those receiving the pension. I feel that maybe above a certain income it would a good idea to keep contributing to the fund. Maybe against a lower percentage than the current rate but if we want to keep this available for future generations we must take some difficult steps.

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