WILLEMSTAD – For the first time, the General Pension Fund of Curaçao (APC) counts significantly more retirees than active contributors. According to its 2024 annual report, nearly 11,000 people are now receiving a pension, compared to just under 8,000 employees paying premiums. This means that for every active participant, there are 1.37 pensioners. 

The number of retirees has been rising steadily in recent years, a trend that continued in 2024. At the same time, the number of active contributors fell slightly, from just over 8,000 in 2023 to just under 8,000 last year. The number of non-active participants—those no longer employed but still entitled to future pension benefits—also grew to nearly 4,000. 

APC explains that this development is a natural consequence of being a “mature fund.” More participants are reaching retirement age, while few new employers are joining and the workforce at existing employers remains stable. 

Despite the shifting ratio, APC stresses that its financial stability is not under threat. The fund’s coverage ratio rose to 113 percent in 2024, while investments yielded a positive return of 6.3 percent. According to the board, these results provide ample buffers to meet obligations. 

Analysis 

The figures show that APC is increasingly dependent on investment returns and reserves, as premium income no longer balances the growing pension payouts. For retirees, this means indexation remains possible as long as the coverage ratio stays above 105 percent. For active workers, it offers reassurance that their accrued rights are secure, though the ratio also highlights the structural pressure the fund continues to face.