President Cortizo Cohen sanctions law that creates the Permanent Incentives Program for Retirees and Pensioners

The President of the Republic, Laurentino Cortizo Cohen, sanctioned this afternoon Law 438 of June 14, 2024, “Which creates the Permanent Benefits Program for Retirees and Pensioners of the Disability, Old Age and Death Regime and Professional Risks of the Social Security Fund and dictates other provisions”, a commitment made with the country's elderly population.

Cortizo Cohen expressed his satisfaction at sanctioning Law 438 of June 14, 2024, and at the same time, his recognition to those people who contributed with their effort, talent and dedication, to the growth of the country and who today earn very low amounts in their pensions and retirements.

The document indicates that retirees and pensioners of the Disability, Old Age and Death Regime and Professional Risks of the Social Security Fund will receive annually, through this program, two benefits for an amount of fifty balboas (B/.50.00) each. one, which will be effective in the months of April and August, respectively, and a benefit in the amount of forty balboas (B/.40.00), which will be effective in the month of December.

In accordance with this law, the payments of the Permanent Benefits Program will be the responsibility of the National Treasury and for this purpose, the Executive Body will include in the General State Budget the items that will be assigned with the amount corresponding to 30.77% of the selective tax on consumption for alcoholic beverages established in article 7-A of Law 45 of 1995.

This incentive that assigns a permanent annual bonus of B/.140.00 to retirees and pensioners, divided into three bonuses throughout the year, represents a triumph for all retirees and pensioners who are currently on the Fund's payment sheets. of Social Security at the time of the entry into force of this Law.