April 11th, 2014 (InsideCostaRica.com) The recent closure of Intel’s manufacturing operations and the closure of a large Bank of America facility will cost the country’s already struggling healthcare system $16 million USD per year, according to Gustavo Picado, finance manager for the Costa Rican Social Security System (CCSS).
“These are two major companies but the institution has income from other employers, despite [the significant loss] one would hope it doesn’t have a significant effect,” Picado said.
“Today it’s about these two companies, but every day we have cases of employers leaving,” Picado said.
However, Picado pointed out that the loss of Intel and Bank of America hurts CCSS as they were amongst the few employers who paid their contributions in a timely manner.
Picado added that salaries at Intel were 15% to 30% higher than the national average, which provided greater revenue for CCSS.