Local August 6, 2014 | 7:48 am

Social Security in Dominican Republic ‘remains to be seen’

Santo Domingo.- Tuesday’s statement by Pensions Superintendent Joaquin Geronimo whether workers over 45 can demand their money back from Dominican Republic’s Social Security, "remains to be seen" will likely cast more doubt on the fledgling system.

He said it’s "understood" that many workers who joined after 45 and have paid additional quotas, might want their money back. “If a person makes RD$100,000 and is going to retire with RD$10,000 it’s understandable that most will be prompted to get their contributions to the Pension Fund refunded, since they’d have to live with very little money.”

Geronimo spoke with media directors after releasing the Superintendence’s quarterly newsletter, which reveals that as of June 30 the pension fund stood at RD$275.7 billion.

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