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SSB CEO says pension payouts are slowly but surely increasing

In our discussion with CEO Ruiz, she also spoke about the yearly increase the SSB has registered in its pension payouts. According to Ruiz, the workforce is slowly aging and with life expectancy in the Americas looking to increase within the next decade, SSB will be paying even more to retirees. Here’s how Ruiz explained the scenario.

Deborah Ruiz, CEO, Social Security Board: “Just for 2020, just for long term benefits alone, I think we spent around 64 million dollars in paying out pensions, and in 2021, that number had moved to 72 if I’m not mistaken. 72 million dollars just in long term benefits. And because persons may have lost their income, in terms of long-term employment, we are training retirement early at 60. So, we have seen a significant increase in the number of claims being filed.”