WILLEMSTAD – The Legislation and Legal Affairs Department of the Curaçao government is working on a draft law to correct the consequences of the increase in the pension age from 60 to 65 years. This was revealed during a presentation by the General Pension Fund of Curaçao (APC) to labor unions at a Government Employee Consultation meeting.
In 2016, the pension age was suddenly raised from 60 to 65, which financially disadvantaged government employees born in 1956 who turned 60 that year. These individuals had worked for 30 years, fully accumulating their pensions, but saw their pension income decrease by 6% per year if they retired before the new legal pension age. Over five years, this resulted in a 30% reduction in their pension benefits.
The impact was not limited to this group. Employees who lost their jobs due to the closure of government companies, such as Kas di Kòrsou, or the sale of telecom company UTS, also faced negative consequences. Some of them had already reached 60 but could not access their pensions due to the sudden age increase.
The General Pension Fund of Curaçao has confirmed that the Legislation and Legal Affairs Department is preparing a legal amendment to address the issue. Once the draft proposal is complete, further information will be shared with labor unions and other stakeholders.