He former Superintendent of Pension Fund Administrators in ChileJulio Bustamante, spoke about the present and future of the Chilean Pension System and the lessons learned for the Dominican Republic, during a discussion at the facilities of the Superintendence of Pensions, headed by the superintendent, Francisco A. Torres.
Bustamante recognized the actors from the public and private sectors, regulators, workers and businessmen who have contributed to the strengthening of the Dominican Pension Systemgenerating not only profitability and stability for the funds, but also contributing to the development of the country.
He advised the universe of the pension system to visualize the aspects that can be improved to look for alternatives to pensions and their criticisms to continue consolidating our pension system.
The Dominican superintendent of Pensions, Francisco A. Torres, assured that one of the objectives of the meeting is learn about the challenges of the Chilean pension system through the experience of Julio Bustamantewho has worked on pension reforms in countries such as Argentina, Mexico, Bolivia, Peru, El Salvador, Nicaragua, Panama and the Dominican Republic.
“I agree that pension systems suffer from the same challenges, for example, low contribution rate, labor formalization, little education and citizen communication. This, of course, has an impact on public opinion”, said the former superintendent of Pension Fund Administrators of three different governments in Chile.
He said that the industry still has room to gain better productivity, more efficiency and generate mechanisms that increase education and promotion of the system.
The main authorities of the Social Security System participated in the conversation: Dr. Edward Guzmán, general manager of the National Social Security Council; Carolina Serrata, General Directorate of Information and Defense of Social Security Affiliates; Henry Sahdalá, Treasurer of the Social Security; Kirsis Jáquez, executive president of the Dominican Association of Pension Fund Administrators; and the main executives of the AFPs.
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Julio Bustamante has also been a consultant to the Inter-American Development Bank (IDB), the World Bank (WB), the United Nations Development Program (UNDP) and the Economic Commission for Latin America (Cepal).
In addition, he is the author, among other studies, of Functioning of the new Chilean pension system (1988), Economic geography of Chile, Analysis of the private pension system in Chile (1991), Economic transformation of Chile (1992) and Fifteen years later. . A look at the private pension system (1995).