NewsWhore
12-11-2008, 07:02 PM
The Dominican Social Security System, created by Law 87-01, foresees government access to pension fund money for the construction of housing projects, but it does not specify a mechanism that would ensure that the workers' saving would be used for other areas of public investment.
Experiences in other Latin American countries with systems of individual capitalization have been that the governments use these funds to develop infrastructure.
The director of the Dominican Association of AFPs (Pensions Fund Providers), Kirsis Jaquez said that this entity supports any initiative with these funds that is sanctioned by the law.
Meanwhile the ministers of Labor, the Presidency and Hacienda all pledged that the government would use these fund sensibly in order to ensure their earnings.
Presidency Minister Cesar Pina Toribio said yesterday that anyone who criticizes the President's proposal to use pension fund money for housing projects and other infrastructure ideas is not acting with sensitivity or social responsibility.
More... (http://www.dr1.com/index.html#4)
Experiences in other Latin American countries with systems of individual capitalization have been that the governments use these funds to develop infrastructure.
The director of the Dominican Association of AFPs (Pensions Fund Providers), Kirsis Jaquez said that this entity supports any initiative with these funds that is sanctioned by the law.
Meanwhile the ministers of Labor, the Presidency and Hacienda all pledged that the government would use these fund sensibly in order to ensure their earnings.
Presidency Minister Cesar Pina Toribio said yesterday that anyone who criticizes the President's proposal to use pension fund money for housing projects and other infrastructure ideas is not acting with sensitivity or social responsibility.
More... (http://www.dr1.com/index.html#4)