Local August 23, 2016 | 12:42 pm

Time to trim Pension Fund’s beard, lawmaker warns

Santo Domingo.- Chamber of Deputies Finance Committee chairmanRamon Cabrera on Tuesday asked Senate president Reinaldo Pared to create abicameral commission to study the bill that trims the profits of Pension Fund Administrators(AFP) and the potential investments.

Cabrera, who author the initiative to reduce the AFP’sprofit from 30 to 15 percent, warned that leaving the law as is means that in2028 when the pension on age is implemented, workers will receive "a pittancethat wouldn’t even be enough to eat."

He complained that the Senate has shelved his proposedlegislation for more than four years, but has yet to go to a public hearing duringthat time.

"We have to soak our beard in view of what’s happeningwith the pension fund in Chile, which has called for protests under the slogan:"No more AFP,” because that system has been in that country for more than30 years and is giving miserly pensions. The same situation is happening inPeru and Costa Rica. The latter ordered a study that found that the systemwould be insolvent in 2023," said Cabrera, ruling PLD party deputy for SantoDomingo.

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