NewsWhore
07-04-2007, 07:50 PM
President Leonel Fernandez announced the financing of 4,000 housing units for public school teachers with funds from the nation's pension funds. He favored using a share of the RD$39 billion in accumulated pension funds to finance the Professor Juan Bosch low-income housing development, to be located in Santiago on government property. The governmental National Housing Bank (BNV) would be responsible for developing the project. He said he would authorize the governmental Banco de Reservas to issue mortgage notes to provide access to the pension funds for housing. He also said he has requested that the National Social Security Council (CNSS), which manages the funds, issue a resolution that authorizes that a portion of the funds be placed in Central Bank certificates. President Fernandez also favored that the funds be used to build roads. The announcement was made during a workshop on "How to Access the Pension Funds," held yesterday at the Santo Domingo Hilton Hotel.
In the DR, those employed contribute every month to the retirement fund. Pension Superintendent Persia Alvarez said that as of 30 June there are RD$39 billion in the funds, with an average yield of 9.7%. She explained that four years into the pension system, it now represents 3.2% of the GDP and there are estimates that by year 2012 it can represent 13% of GDP. As of 30 June, the pension plan had 1.7 million affiliates.
The president of the National Council of Business (CONEP) Lisandro Macarrulla called for caution in the use of the pension funds. He pointed to examples in other countries where the funds were misused and the funds were bankrupt.
More... (http://www.dr1.com/index.html#1)
In the DR, those employed contribute every month to the retirement fund. Pension Superintendent Persia Alvarez said that as of 30 June there are RD$39 billion in the funds, with an average yield of 9.7%. She explained that four years into the pension system, it now represents 3.2% of the GDP and there are estimates that by year 2012 it can represent 13% of GDP. As of 30 June, the pension plan had 1.7 million affiliates.
The president of the National Council of Business (CONEP) Lisandro Macarrulla called for caution in the use of the pension funds. He pointed to examples in other countries where the funds were misused and the funds were bankrupt.
More... (http://www.dr1.com/index.html#1)