Tuesday, November 29, 2022

Kirsis Jáquez cites contributions and challenges of the DR pension system

The pension system of the Dominican Republic has contributed to improving the quality of life of the population, as well as the economic development of the country. This was reported by the executive president of the Dominican Association of Pension Fund Administrators (ADAFP), Kirsis Jáquez, who acknowledged that there are many challenges to overcome.

Jáquez said that during the last five years the pension funds have contributed 1 percentage point of the gross domestic product (GDP).

“This indicates that if an annual growth of 5% is taken into account, then, that percentage point represents 20% of the annual growth,” said Jáquez at the opening of the international seminar Challenges and Solutions of Today and Tomorroworganized by the International Federation of Pension Administrators (FIAP), at the Barceló Bávaro hotel, in Punta Cana, La Altagracia province.

Jáquez said that the main challenges for the pension funds in the Dominican Republic are the high informal labor population, which does not contribute, the reduction in birth rates and the increase or extension of life expectancy, since people last longer years of life after retirement age.

For these reasons, the executive of the ADAFP said that this organization is working on a proposal to modify Law 87-01 of Social Security to improve and strengthen the pension system.

“The idea is to make this system more efficient, supportive, sustainable and universal,” said Jáquez without going into details about the proposal.

The seminar will take place this Thursday and Friday with the participation of representatives from 15 countries, local and international exhibitors.

The activity was led by the Vice President of the Republic, Raquel Peña, and the President of FIAP, Guillermo Arthur.

Also participating were the main executives of the ADAFP Eduardo Grullón, of AFP Popular; José Martí, from AFP Crecer, and Martínez Llibre, from Siembra, among others.

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