Legislator Mario Redondo proposed the sale of a public bank to capitalize the Invalidity, Old Age and Death Regime managed by the Costa Rican Social Security Fund (CCSS) and thus prevent people from having to wait to turn 70 years old to retire. However, according to president Luis Guillermo Solís, that is not a solution.
Solís said that all ideas are welcomed and will be analyzed, but he thinks that when it comes to pensions and funds the sale of a state asset does not solve the problem, because sometimes authorities want to sell the bank with fewer profits.
According to a report from the University of Costa Rica, the IVM would collapse in 10 years. As consequence, authorities need to find short-and medium-term solutions.
I think we have to have solidarity pension funds, but it is a debate and it has to be concluded, because the pension fund is not guaranteed and decisive actions have to be taken to address them,
concluded the president.