By: Estefanía Chacón
According to the amendment to the Regulations of the Disability, Old Age and Death Insurance of the Costa Rican Social Security Fund, agreed in session N. 9038 of the Board of Directors of the Costa Rican Social Security Fund, as of June 20, 2019, an increase every three years in a successive manner to the percentages of the IVM contribution was finalized.
This implies that, as of this month, the amount of contribution to be tripartite varies for workers, employers and the State, increasing the following percentages respectively: 0.17%, 0.17% and 0.16%, these percentages are effective from January 1, 2023 to December 31, 2025.
| Period | January 2020 – December 2022 | January 2023 – December 2025 | Increase |
| Employer | 5.25% | 5.42% | 0.17% |
| Employeers | 4.00% | 4.17% | 0.17% |
| State | 1.41% | 1.57% | 0.16% |
| Total: | 0.5% |
It is mandatory for the employer to implement these changes when canceling or retaining amounts corresponding to social security contributions, otherwise, they would be affected by administrative procedures of collection by the Costa Rican Social Security Fund.
Finally, it is important to mention that the purpose of this amendment and the increases is to contribute to the sustainability of the IVM retirement system.
For further information please contact us at: recepcion@latinalliancecr.com or +506 4052 6070.