Panamanian retirees demand pension adjustments, information on recovered corruption funds

Panamanian retirees are intensifying their calls for improved living conditions, with a focus on pension adjustments and increased discounts. The Movement of Retirees and Pensioners announced plans to push the National Assembly for legislative changes to enhance the quality of life for seniors.

Guillermo Cortés, a leader of the movement, expressed skepticism about the National Bank's explanations regarding the financing of Cepadem negotiable certificates. He highlighted concerns over the high interest rates, reportedly exceeding 21%, which he described as "a business with retirees' money." The group is demanding that the Ministry of Economy and Finance disclose the status of funds recovered from corruption cases, as stipulated by Law 15 of 2017, which were intended to cover Cepadem interest payments.

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the average of the applied interest exceeds 21%, which he described as a business with retirees' money.

To further their demands, the movement plans a protest outside a National Bank branch on July 17th. They also intend to meet with the President of the National Assembly, Shirley Castañeda, to advocate for the second debate of a bill that would expand discounts for retirees and pensioners. Cortés emphasized that a pension increase remains the primary demand, given the escalating cost of living, noting that nearly 200,000 of Panama's 363,000 retirees receive less than $400 monthly.

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the main demand of the sector continues to be an increase in pensions, due to the increase in the cost of living.