The Dominican Association of Pension Fund Administrators (ADAFP) stated that between January and March of this year, member AFPs delivered more than RD$1,740 million late-entry affiliates and relatives of affiliates who died by inheritance.

The union’s executive president, Kirsis Jáquez, affirmed that in the first quarter of 2022 more than 19,000 members and family members have received new benefits of the pension system managed by the AFPs.

“In the system, the accumulated fund is always guaranteed for the workers and their families and is increased by the profitability of the investments that the AFPs make for them. On average, more than 50% of the equity accumulated by the workers has been the product of the profitability of said investments”, explained the executive president of the union.

Jáquez pointed out that the affiliates receive their funds as a pension for old age -which can be anticipated- and for severance due to old age, as well as in a single payment if it is a late-entry affiliate. In the event that a member dies, his family receives the fund as a survivor’s pension or as an inheritance.

ANDn the first three months of 2022, the AFPs delivered RD$1,448.6 million to 4,799 affiliates who entered the system with 45 years or more and have already turned 60 years old. In addition, RD$291.7 million were delivered to 3,201 relatives of 951 AFP members who have died.

Between January and March 2022, the AFPs have granted 10,210 new pensions for unemployment due to advanced age and 304 old-age pensions.

The first of these benefits can be requested by affiliates who are 57 years old or older and who are unemployed, while the early old-age pension can be granted from the age of 55 if the accumulated fund reaches 150% or more of the minimum pension. .

In the cited period, survivor pensions were granted to 547 people, as well as 227 disability pensions.

 

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