Caja de Seguro Social reaches pension migration deadline and approves insurance contract

The deadline has passed for Panamanian insured individuals to voluntarily migrate to the new pension system managed by the Caja de Seguro Social (CSS). Under Law 462, enacted in March 2025, the institution provided an 18-month grace period for members of the Defined Benefit System and the Mixed Subsystem to transition to the new Single Capitalization System with Solidarity Guarantee. After the deadline, automatic transitions to the new system will occur for contributors who have not reached the age of 62 for men or 57 for women by March 1, 2032.

In a separate administrative move, the Cabinet Council approved an exceptional contract between the CSS and ASSA Compañía de Seguros, S. A. The agreement, valued at $3,207,600, covers insurance risks and claims for the 2025 period. The policy includes coverage for personal accidents for the Board of Directors, official mission accidents, occupational health and safety personnel, machinery breakage, theft, fire, and civil liability, aimed at protecting the CSS finances from direct impact due to unforeseen losses.