WILLEMSTAD – The government has officially designated APC Bank as an institution whose staff and management are to be regarded as government employees for pension purposes. This follows a national decree dated January 9, which applies retroactively from May 1, 2025.
As a result of the designation, pension rights and premium contributions for employees and the board of APC Bank fall under the new arrangement from that date onward. Staff and management will now be covered by the National Ordinance on Pensions for Government Employees, meaning their pension accrual takes place within the public-sector pension system administered by General Pension Fund Curaçao (APC).
The decision was taken on the proposal of the Minister of Finance and followed advice from several parties, including the pension fund itself and the government’s policy organization.
The APC pension fund already covers more than 20,000 current and former government employees and represents a significant financial component of the public sector. With the inclusion of APC Bank staff and management, the group of participants in the public pension system is expanded further. The decree does not specify what the exact consequences are for premium contributions or for the financial position of the pension fund and the government.
In general terms, the designation means that employees and management of APC Bank now have the same pension-related legal status as civil servants. The bank is required to pay pension premiums in accordance with the more expensive public-sector pension scheme, while employees gain pension entitlements within the government system.
This change may lead to higher employer costs for APC Bank and, at the same time, increases the scope of the public pension system. As such, it may also have broader implications for the financial obligations and long-term risks within the public sector.