SAN JOSE, COSTA RICA – October 5th, 2012 – One year ago, the Costa Rican Social Security System (CCSS or “Caja”) announced that the system was in financial crisis. According to the Pan-American Health Organization (OPS, in Spanish), in 2010, estimates on the CCSS’s financial situation were pretty grim. They had forecast a 130 billion colon (about $260 million) deficit by the end of this year.
The “Caja”, instead, has announced that the system would be ending 2012 on a positive note – with financial stability, paying all of its debts to suppliers, and without deficit. According to CCSS, this will be achieved thanks to expense containment measures that were implemented last year. CCSS says it will close this year with a budget surplus of 32 billion colones, or about $64 million.
Ileana Balmaceda, CCSS executive president, stated that benefits have been reduced, and changes have been made in the way budgets were being applied. Also, the institution has taken measures to enforce collection, and was able to collect 136 billion colones from employers who had delinquent accounts.