S.S.B. to Discuss Parametric Reform with Relevant Parties

Deborah Ruiz

And while S.S.B. is investing heavily to be able to cover the cost of retirement, there is already a need to make adjustments on how much we pay or how long we wait to retire. It’s a conversation that the Social Security Board’s C.E.O., Deborah Ruiz says has to take place with the relevant parties.

Deborah Ruiz, C.E.O., S.S.B.

“We’re looking at parametric reform, tweaking the rules of the system. Also, the stakeholders had asked a designing of a trigger mechanism, so that any reforms is automatic in legislation. So whenever our period of equilibrium, for example is nearing that point, that something happens. The details of it have still not been worked out but we are continuing that conversation. It might means that instead of retiring at sixty, you retire at sixty-one or sixty-two. It does not necessarily mean that you have to put out money. So that’s what I mean by parametric reform. It could be changes to the rules. Perhaps you no longer would need ten years of contribution. Maybe you need fifteen years of contribution to qualify for a pension, so those are the conversations we would have with the employer, so that employers and employees do not necessarily have to pay more, but we structure the system in a way that both parties are still able to benefit.”