|
[search]
[site
map]
[Up]
| |
Translation - Law 6 (1987) - Which regulates the benefits for
retired citizens, pensioners, and elderly persons (Chapter I only)
All material included
in the Gray & Co. web sites is for informational purposes only and may not
reflect the most current legal developments, verdicts or settlements. The
information should in no way be taken as an indication of future results. The
material contained herein is not offered as legal or any other advice on any
particular matter. This information has been
provided to help you stay informed, and is not intended to replace legal or
professional advice. While we make every effort to make sure that the
information provided is accurate and useful, we recommend that you consult a
lawyer or law firm if you want professional assurance that this information, and
your interpretation of it, is appropriate to your particular situation.
Law 6 of June 16, 1987
Whereby measures are adopted for the benefit of retired
citizens, pensioners and the elderly and the stamp duty called Social Security
Good Standing is created and regulated
The National Assembly
Decrees:
[This translation has been
prepared, taking into account the following amendments: Law 18 (1989), Law
15 (1992), Law 100 (1998), Law 17 (2005), Law 23 (2005), and Law 51 (2005).
We have not translated Chapter II, which deals with the Social Security Good
Standing stamp duty.]
Chapter 1: Discounts and Special Rates
Article 1: All Panamanians or foreigners resident in the
national territory of fifty seven (57) years of age or more, if women, or sixty
two (62) years of age or more, if men; and all retirees and pensioners of any
type shall have the following benefits:
|
1. |
A discount of 50% of the price
charged for general entry to recreational and entertainment, such as cinema,
theatres, sporting events and various public shows.
These benefits shall not apply to
those charitable activities which are organised for the benefit of children,
the underprivileged and those programmes duly authorised by competent
authorities. |
|
2. |
A discount on public transport,
according to the following classifications: |
|
|
a. |
{repealed} |
|
|
b. |
{repealed} |
|
|
c. |
{repealed} |
|
|
d. |
25% on airfares with public or
private national or foreign companies. |
|
3. |
{repealed} |
|
4. |
A 25% discount on the value of
food consumed by the individual in any restaurant, except those considered
to be "fondas", which do not require a commercial license to operate.
|
|
5. |
{repealed} |
|
6. |
A discount of 15% of the total
bill for hospital and private clinic services. |
|
7. |
{repealed} |
|
8. |
A discount in the following
medical services: |
|
|
a) |
20% in the fees for general
medicine consultations and in medical specialisation and surgeries; |
|
|
b) |
15% for orthodontist; and |
|
|
c) |
15% for optometry services. |
|
9. |
Insurance companies which include
in their policies risk for sickness, shall make the necessary adjustments so
that the benefit of these discounts shall be transferred to the insured en
the payment of their premiums, at 55 years for a woman and 60 years or mo
for a man, and to pensioners and retirees. |
|
10. |
A 20% discount for fees for
technical and professional services. |
|
11. |
A discount of 20% of the price of
any prosthesis, as well as any device and assistance accessories. |
|
12. |
A 50% discount on the costs and
commissions of closing in personal and commercial loans which are done
through banks, finance companies and credit institutions. No public or
private entity may charge a fee for this discount, whether to the
beneficiaries of this law or to the banks, finance companies, cooperatives
and credit institutions in the personal and commercial loans given thereto. |
|
13. |
The transactions of personal or
commercial loans given by banks, finance companies, cooperatives and credit
institutions shall be exempt from the payment of a surcharge or rate
specified by the FECI. |
|
14. |
A discount of 15% on the maximum
interest which the law permits the banks, finance companies, cooperatives
and credit institutions to charge in personal or commercial loans. |
|
15. |
A discount of 1% on the interest
rate for home loans, when used for the personal residence, at the moment
that the person reaches 55 year if a woman or sixty years if a man, or if it
relates to a pensioner or retiree.
This shall not apply to
preferential loans which are specially regulated by law. |
|
16. |
The freezing of property tax, as
long as the home is in their name and is their only property. This tax
shall be reduced if the value of the property decreases, in accordance with
the law. |
|
17. |
Exemption from the payment of the
appraisal rate on their property, as long as it is their only property and
their home.
As of the transfer of the
property, this may be subject to the appraisal rate for improvements which
are carried out during or after the transfer. |
|
18. |
{repealed} |
|
19. |
A discount of 25% on the invoice
for electric energy from the public or private company, up to 660 KW.
The normal rate shall apply after
this limit is reached. |
|
20. |
The properties of Associations,
Federations, Confederations of pensioners and retirees, established in
accordance with the Law, shall have the same discounts given to pensioners
and retirees, which are: electric energy, water, telephone, post
office box, appraisal rates, property tax and any other benefit given to not
for profit organisations, as provided in the law. |
|
21. |
A discount of 25% of the fixed
charge for phone services where: |
|
|
a. |
The telephone account is in their
name; |
|
|
b. |
The account is residential; |
|
|
c. |
There is a single phone line. |
|
22. |
A discount of 25% of the water
bill, from a public or private entity, as long as |
|
|
a. |
The use is less than $30.00. |
|
|
b. |
The account is in their name. |
|
|
c. |
The account is residential and is
their home. |
|
|
The normal rate shall apply for
any excess of this amount. |
Article 2. Every public and private company which provides
public services shall have a place or special counter to attend those persons
protected by this Law, who shall be given priority in all cases. In the
case that there is no such counter, the retiree or pensioner shall have priority
in the queue and shall have preferential treatment in all public and private
offices where they arrive to request services.
Article 3. Recreational and sporting programmes of those
institutions responsible for cultural and sporting events shall promote access
to residents of Aged Care Homes.
Article 4. The beneficiaries of this Law shall evidence their
right to these benefits by:
| 1. |
Presenting their cedula card, if they are 55 years or more,
if a woman, or 60 years or more, if a man; or |
| 2. |
Presenting their pensioner or retiree card. |
PARAGRAPH: As of the 1 of January 1995, the age of 57 years or
more shall apply to women, and 62 years or more shall apply to men.
In no case shall the age established above be higher than the age established
by the Social Security Board for the purposes of retirement or pension.
Article 5. Natural or legal persons who refuse to provide their
services according to the conditions and rates established in this law may be
sanctioned by the CLICAC with files of between $50.00 to $5,000.00, which shall
be added to the Special Fund for Pensioners and Retirees.
To determine the amount of the fine to be applied in each case, the severity
of the fault, the size of the company and cases of similar facts or factors
shall be taken into account.
CLICAC shall be responsible for hearing and resolving the complaints
presented against natural or legal persons who breach this Law. Likewise,
the CLICAC shall require that every public establishment maintain in the public
place the discounts to which the beneficiaries of this Law have a right and
shall oversee the fulfilment thereof.
Article 6. The discounts and concessions granted in this Law
shall be deductible from income tax.
Article 7. The benefits of this law are non-transferable.
Chapter II - not provided (deals with Stamp Duty).
Please see also:
Real Estate Tax
Exemptions; Pensioner Visa Holder - Request for Tax Freeze on Principal Residence;
Requirements for the Pensionado Visa Application, and
Fees & Costs for the
Pensioner Visa Application.
[ Administrative Law ] [ Billing Info ] [ Civil Law ] [ Commercial Law ] [ Real Estate ] [ Corporate Law ] [ Immigration ] [ Offshore ] [ Other Topics ]
Last modified
26-Sep-2007 17:38 -0400
|
