in management positions within the bank. at the bank, we provide our staff with opportunities to further develop their knowledge and skills. therefore, we offer our staff with the possibility of flexible working hours if employees are following a graduate development program. also, our staff has the opportunity to attend courses at international institutions such as the international monetary fund, the world bank, the us security and exchange commission, the federal reserve bank, the bank of international settlements, de nederlandse bank, the center for monetary studies for latin america and the caribbean ( cemla ) and other regional and international multilateral bodies. every year we sign a career plan with our staff that includes the courses and seminars they should attend during that year to advance to a higher level. because the balance between work and private life is important, the bank has a system of flexible working hours that allows employees to pursue their professional career consistent with their private life. ladies and gentlemen, as today ’ s audience comprises mainly professional women, i would like to conclude these remarks by sharing the following with you. in 2003, fortune magazine conducted interviews with women in top positions in business, academia, and government in the united states. several of the interviewed women admitted that they had neither actively planned their career development nor sought promotion, and when they had been offered promotion, they had hesitated before accepting it. in some cases, they had even turned down promotion when they thought it would conflict with their quality of life. it should not be a surprise to you, however, if i tell that this behavior is not unique to the united states. here on the island as well, i have met many women demonstrating similar behavior. this constrain imposed by society on women, be it culturally or historically motivated, is not consistent with the progress we have made in terms of education and equality in other areas that concern our female citizens. it runs counter to their own self - interest and the interest of the society as a whole. we have argued that an increased female labor participation rate will increase per capita income, reduce poverty and promote long - term economic growth. in the era of an aging population, upward mobility of female workers through the career ladder will encourage increased participation of female workers and therefore broaden the economic base to sustain the social safety nets. i therefore would like to recommend that you all believe in your own potential, make your choices, plan your career path, and work on your career. remember that the only person who owes you anything is you. i would

many promises that were made to our seniors are no longer sustainable. many welfare states are shifting clearly from collective social solidarity towards more individual responsibility. this shift is most noticeable in the health care insurance and the pension schemes. like most countries in the world, curacao is no exception. the population in curacao is aging, and this trend is generating considerable fiscal spending pressures. if we are to avoid a situation where the financial soundness and accountability of its social security system is no longer guaranteed, curacao needs to take measures in both the short term and the medium term. the social security bank ( svb ) in curacao has already indicated in its latest multi - annual budget that if no structural measures are taken in the short term, the old - age ( aov ) fund of curacao will be depleted by next year. ladies and gentlemen, this is assuming an average gdp growth rate of 2 % a year and an aging rate of 4 % a year. however, we all know that even the most optimistic growth forecast, projects an anemic growth of 0. 3 % at best. over the years, several reports have been presented concerning the reform of the systems of social security and health care in our country. the recommended measures have included increasing the statutory retirement age and reforming the health care system by increasing insurance premiums and improving efficiency in the health care sector. notwithstanding these measures, a trade - off between collective social solidarity and individual responsibility bis central bankers ’ speeches will have to take place in curacao to mitigate the increasing pressure of the aging population on the social security and health care systems. in this context, increasing the labor force participation, including female participation, is crucial. when people are active in the labor market, they can bear their own individual responsibility. also, studies have shown that increasing female labor force participation can lead to per capita income growth and a reduction in poverty. ladies and gentlemen, according to the labor force statistics of the central bureau of statistics ( cbs ), the overall employment situation of women in curacao did not evolve significantly between 2003 and 2009. women ’ s participation in the labor market was 43 percent on average, lower than the 48 percent average participation of males. meanwhile, unemployment among women is still higher ( 11. 3 % ), albeit declining, than among men ( 7. 9 % ). the question arises as to what can be done to increase the female labor force participation, thereby closing the male – female