NewsWhore
08-17-2011, 04:10 PM
The most recent figures from the office of the Superintendent of Pensions (Sipen) show that there is a discrepancy between the number of jobs that some sectors say exist and the amount of deductions sent to the pension plans of their workers. These quarterly reports from Sipen provide data on the real number of formal workers in the country, or, at least, the number of workers reported by their employers. At the same time the quarterly reports show that the earnings of the retirement savings or the workers depend principally on the State, since nearly half of the money (49%) is deposited in the Central Bank, while an significant proportion of the funds that are in commercial banks are also converted into Central Bank instruments.
According to the Quarterly Bulletin #32 from Sipen, at the close of the first half of the year the pension funds amounted to over RD$136 billion, of which 75% belonged to individual accounts which are funded by contributions from the worker and his employer. These funds are spread out with most of them in the Central Bank and the rest deposited in commercial banks, savings and loan associations and in bonds from the Ministry of Hacienda. If the funds that are on deposit at the National Housing and Production Bank (BNV), it turns out that 65% of the pension money is in public institutions, which indicates that it is the State that is contributing almost two-thirds of the money that goes into the funds in the first place.
The figures provided by Sipen are really interesting. They show that women are in the minority (43%), and the country's salary levels remain very low since 65% of workers who contribute through payroll deductions receive between one and two minimum salaries, which means that none of them receive more than RD$18,000 a month. But there might be another explanation. It seems, at least to the Hoy reporter who wrote the story, that it is well known that some companies pay high salaries to their employees but register them with lower salaries in order to pay less money into the social security funds. This is because the employer pays 14% of the employee's wage as part of the process, a labor cost of 14% of the salary of each worker. The government has 300,136 people on the rolls, while tourism has barely 39,835, although the representatives of the sector say that there are 150,000 direct jobs in tourism. The same thing applies to the construction industry, which has 23,318 people registered. One interesting piece of information is that 290,000 people are listed as "sector unknown", out of a total of 1,220,579 workers.
More... (http://www.dr1.com/index.html#5)
According to the Quarterly Bulletin #32 from Sipen, at the close of the first half of the year the pension funds amounted to over RD$136 billion, of which 75% belonged to individual accounts which are funded by contributions from the worker and his employer. These funds are spread out with most of them in the Central Bank and the rest deposited in commercial banks, savings and loan associations and in bonds from the Ministry of Hacienda. If the funds that are on deposit at the National Housing and Production Bank (BNV), it turns out that 65% of the pension money is in public institutions, which indicates that it is the State that is contributing almost two-thirds of the money that goes into the funds in the first place.
The figures provided by Sipen are really interesting. They show that women are in the minority (43%), and the country's salary levels remain very low since 65% of workers who contribute through payroll deductions receive between one and two minimum salaries, which means that none of them receive more than RD$18,000 a month. But there might be another explanation. It seems, at least to the Hoy reporter who wrote the story, that it is well known that some companies pay high salaries to their employees but register them with lower salaries in order to pay less money into the social security funds. This is because the employer pays 14% of the employee's wage as part of the process, a labor cost of 14% of the salary of each worker. The government has 300,136 people on the rolls, while tourism has barely 39,835, although the representatives of the sector say that there are 150,000 direct jobs in tourism. The same thing applies to the construction industry, which has 23,318 people registered. One interesting piece of information is that 290,000 people are listed as "sector unknown", out of a total of 1,220,579 workers.
More... (http://www.dr1.com/index.html#5)