Photo: Grethell Cuenca/Radio Holguin

Holguin’s Economic Actors Unite to Facilitate Cash Payments for Retirees

In an effort to offer concrete solutions to one of the most vulnerable sectors of society. The main authorities of Holguin province have taken a decisive step toward optimizing cash flow.

Through a strategic meeting, the groundwork was laid for new economic actors in the region to assume a direct social responsibility. Facilitating pension payments to retirees in their own communities. This initiative arises in response to the complex availability of cash. And the exhausting lines that senior citizens face at bank branches. With this, the province seeks to adapt the successful experience already implemented in the nation’s capital.

Moreover the meeting was chaired by Joel Queipo Ruíz, member of the Central Committee and first secretary of the Communist Party of Cuba in Holguin. Also he highlighted the “social will, willingness, and interest” of local business owners.

Holguin’s Economic Actors Unite to Facilitate Cash Payments for Retirees 0
Meeting, Government in Holguin
Photo: Grethell Cuenca/Radio Holguin

Also participating were executives from the Bank of Credit and Commerce (Bandec). The Popular Savings Bank (BPA), and representatives from the Labor Directorate.

Among the micro, small, and medium-sized enterprises (MSMEs) and businesses. That have joined this pilot project in the provincial capital—home to more than 52,000 retirees—are: Benjuly Bar, Fajardo’s Pizza, La Emperatriz, Frenas Conmigo, Excelencia Reyes, Provarte, and LiuMonte, among others.

For his part, the provincial governor, Manuel Francisco Hernández Aguilera, noted that several state-owned companies with high revenue also have the necessary conditions to integrate into this system. Strengthening the payment network beyond traditional branches.

The measure is based on an official procedure issued by the Central Bank of Cuba (BCC). The president of the Central Bank of Cuba (BCC), Juana Lilia Delgado Portal, instructed the expansion of this system. Which allows the use of cash collected by local businesses to pay pensioners directly. Eliminating the need for the money to pass through the bank before reaching them.

“Moreover this system is expected to become effective starting in the second half of May. Initially benefiting a select group of retirees who will be able to collect their pensions near their homes,” authorities reported.

The success of this initiative depends on rigorous training for the staff of participating businesses. And precise coordination with the Municipal Labor Directorate to register beneficiaries according to their area of residence.

Several private business owners expressed their satisfaction in contributing to this initiative. Emphasizing that the total amount of pensions in the municipality of Holguin exceeds 160 million pesos.

Although the main challenge remains the limited availability of cash in the national banking system. Authorities are confident that this alliance among all economic actors. They will restore peace of mind to those who dedicated their lives to the development of the country.

By: Daimy Peña Guillén

Radio Angulo
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