Cuba's private sector manages pension payments in Mayabeque

In Mayabeque, Cuba, small and medium-sized enterprises (SMEs) and self-employed individuals have begun distributing social security pensions to retirees. This initiative, part of the “Caja Extra” program, aims to mitigate the ongoing cash shortage in banks and reduce the need for elderly citizens to travel to bank branches.

Under this system, the Banco Popular de Ahorro (BPA) provides businesses with lists of pensioners and the amounts due. The businesses use their own available cash to pay the retirees and have up to 72 hours to submit documentation for reimbursement. Social workers have assisted by identifying pensioners and, in cases of disability, coordinating home deliveries of the cash.

Separately, in Granma, the BPA has expanded its “Crece” microcredit program, which is supported by the Ministry of Economy and Planning and the United Nations Development Programme (UNDP). The program has provided over 150 million Cuban pesos in microcredits to more than 150 private clients, supporting sectors such as food production, textiles, and beauty services.