Pension and Retirement Board of the National Teachers' Union
Costa Rica

Option to provide members with low-cost debt financing - Refinancing of debt

Implementation year

Since 2020, Costa Rica’s economy has been seriously affected by the COVID-19 pandemic, with the resultant drop in household income generating other financial needs. For this reason, the Pension and Retirement Board of the National Teachers’ Union (Junta de Pensiones y Jubilaciones del Magisterio Nacional – JUPEMA) has developed a credit line to purchase debts at very favourable conditions. This has permitted our members to cancel their arrangements with other institutions whose financial burden was much higher and, in this way, contributed to an upturn in their financial position.

This financial product offers a low interest rate, a fixed three-year term, a period in which the instalment value is maintained, and commission of just 1 per cent for sums of up to 70 million Costa Rican colones (CRC), depending on collateral and the capacity for repayment.

Social policies & programmes