The National Social Security Council (CNSS)yesterday approved a modification to Resolution No.350-02, on the Exception Regime for the Return of Contributions from the Old-Age, Disability and Survival Insurance for Late Entry to the Individual Capitalization System of the Contributory Regime.
Through Resolution No. 545-01, the CNSS establishes that from now on the Refund Regime will be carried out so that the worker can choose to withdraw the partial or total accumulated balance of his individual capitalization account without prejudice to the fact that he is receiving benefits from the Old Age InsuranceDisability or Survival, provided that you meet the requirements of being over 60 years old, unemployed in the last 30 days, affiliated with an AFP and having entered the system late.
This new provision also authorizes the return of their contributions to the System, to people who are in the final stage of their lives as a result of a terminal illnessregardless of age, as long as it is duly evaluated and qualified by the medical commissions and, finally, authorized by the Superintendence of Pensions (Sipen).
In a press release, the CNSS notified the approval of this resolution indicating that it authorizes the return of more than RD$7,000 million to more than 25,000 workers who, due to the age at which they entered the system, created by Law 87-01, do not qualify to receive a pension.
He indicated that the approval of this resolution was based on the favorable report issued by the Permanent Commission of Pensions of the CNSS last Monday June 13, the result of a careful analysis of the applicable regulatory framework by the commission.
The President of the CNSS, Luis Miguel De Camps Garcíahighlighted that this resolution will have a positive and immediate impact on more than 25,000 workers in the country, who were in a legal limbo in relation to the return of their contributions.
He added that this resolution creates a legal precedent that will allow many workers to enjoy this benefit who, every year, fall into this situation for having reached the age of 60 without having the required contributions for a pension.
De Camps García reaffirmed the commitment of President Luis Abinader, with the search for solutions to the problems that for years have affected Dominican workers.
In accordance with Law 87-01, the requirements for those affiliated with the Social Security System to enjoy this benefit are to be 60 years of age or older and have at least 360 contributions.
The resolution reviewed the method of calculating age and establishes the broadest and most inclusive, to be considered late admissionwhich is the 45-year-old “age at next birthday”, which assumes that each individual, upon passing each birthday, begins to pass through the next age.
In addition, the resolution benefits affiliates by not having to face unnecessary bureaucratic obstacles, which were eliminated by the resolution, in order to facilitate workers’ access to their rights.
In 2014, through Resolution 350-02, the CNSS established an exception regime for the balance accumulated in the individual capitalization accounts of affiliates who have entered the System over 45 years of age.
All your money
This refund provided in 2014, includes mandatory, voluntary and extraordinary contributions and profits, as long as the worker is 60 years old or older, is unemployed and has entered the system over 45 years old.