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Half of Dominican Republic’s workers can’t get a pension

Santo Domingo.- Pensions superintendent Joaquín Gerónimo warned Wed. that according to current projections, 50% of those affiliated to the pension regime cannot receive a pension, because they don’t reach 200 quotas stated in the legislation requires at least 300.

“The fact is that they go in and out. It will not be enough money and the law requires a minimum of 300 quotas to gain access to the social solidarity fund. We’re trying to get that to 240, because it withstands 240,” he said in a luncheon with the media.

The official also revealed that around 99% of the affiliates who registered late into the Social Security System cannot opt for retirement, because they wouldn’t have the funds to seek the minimum pension stipulated in the regime.

“There are 420,000 latecomers affiliated, and that total for 95, 97 or 99% won’t be enough, and it should be returned as it’s being given back to them, because if you follow the proportion, of 48,000 it’s been refunded to 47,988 and the pension has been given to 12,” Geronimo said, referring to the number of people who’ve been refunded their money accumulated in the system.

He added that the system was created in a way that the pension that members will receive would be depleted until there’s no more left of the funds accumulated during their lifetime, and then the persons in question would have to request another  solidarity pension from the State.

Source: DT

Category: DR News |

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Last updated March 25, 2017 at 5:40 PM
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