Cuba implements alternative cash pension payments via businesses

The Central Bank of Cuba (BCC) is implementing an alternative cash pension payment system through its ‘Caja Extra’ service to alleviate long queues at state banks. This initiative encourages participation from both state-owned and private economic actors, allowing them to pay retirees within their local communities. This approach aims to reduce the physical and mental strain on elderly citizens caused by bank delays and cash shortages.

To facilitate this, the BCC has launched an online registration process for businesses. Participating entities are offered incentives, including a 0.25% bonus on the amount delivered, an additional 1 CUP per reconciled operation, and priority access to cash withdrawals at banks to ensure liquidity.

In the province of Guantánamo, the cash payment process involving these economic actors has reached a 35% implementation rate. Local authorities are working to ensure daily cash deposits in banks to improve service quality for more than 49,600 pensioners in the region.