WILLEMSTAD – The number of people receiving old-age pension benefits (AOV) on Curaçao increased by nearly 1,000 individuals in 2023, according to the annual financial report from the Social Insurance Bank (SVB). As a result, total expenditures for the AOV rose from 457 million guilders in 2022 to over 489 million guilders last year. 

The SVB notes that the number of AOV recipients has been steadily increasing for years, primarily due to the aging population. In 2022, more than 30,000 people received AOV payments. That number climbed to nearly 31,000 in 2023, marking an increase of just over 3 percent. 

The SVB highlights this growth as a key development with implications for the long-term sustainability of the pension fund. A portion of the AOV expenditures is covered by insurance premiums, but the system also relies on government contributions to remain viable. 

The report emphasizes that the increase in recipients in 2023 was more significant than in previous years, underlining the pressure that demographic trends are placing on Curaçao’s social security system. 

As the island continues to experience population aging, officials may need to reassess the financing structure of the AOV fund to ensure it remains stable in the years ahead.