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Educational retirement bonus upgraded

Educational retirement bonus is risen
  • Bonus add up from 6 up to 15 months of remuneration
  • File

PANAMA CITY.- The new administration of the University of Panama (UP), which begins next October 1st with  teacher Eduardo Flores as dean, will have to face a new financial commitment that was not contemplated in the budget of 2017 and that enclosed would risk future hirings of personnel.

It is about an increase of the bonus for the academic employees who retire when turning 75 years, an agreement signed six days before the university elections that Flores won.

The bonds add up from 6 up to 15 months of remuneration for services of between 10 and 30 years or more, respectively. Before, the maximum remuneration, for 25 years or more of service. Before, it was of up to 10 months of remuneration.

The agreement creates a "special fund" to cover the bonuses, but while it does not have the necessary money for the payments, it will be covered with the salary of the outgoing teacher and therefore this post will remain vacant.

"The only way of facing this requirement "will be to freeze this item of the teachers during the first 15 months, confirmed the elect rector Flores, for what, as it was said, new contractings will not be able to be done.

The outgoing rector, Gustavo García de Paredes, would be one of the beneficiaries with the bonus. His salary is $12,288 for more than 30 years of service he  would receive 15 months of bonus, which according to calculations of the secretary general, Miguell Ángel Candanedo, would add up to $80,000.

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