Costa Ricans may be getting an early retirement option

A measure on its way to passage in the legislature would let Costa Rican workers buy out the remaining eight years of their working life and retire at 57.

The bill received initial approval in the Comisión con Potestad Legislativa Plena Primera last week. This is a division of the full Asamblea Legislativa that can approve laws subject to a veto by the full membership. The proposal received backing from the Partido Accesibilidad Sin Exclusión and a legislator from that party, Victor Granados Calvo.

Basically, workers at 57 would be able to pay to the Caja
Costarricense de Seguro Social a lump sum representing what the pension system would get if they continued working for eight more years. This could be thousands of dollars depending on the salary of the worker.

The measure is a change in the Ley de Protección al Trabajador. Lawmakers said they expected this measure to encourage thrift among young people so they could amass the funds needed to retire early.

Jorge Gamboa Corrales of the Partido Acción Ciudadana said there were high expectations among older workers but not many of them would be able to take advantage of the change because the cost is high. Lawmakers have to vote a second time to give the measure full passage.

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