DR1 Daily News - Dominican Republic

Elías Báez / El Día

Pension companies are profiting from billions in unclaimed funds due to legal hurdles and lack of information, El Dia reports.

The pension plan companies are reportedly receiving a significant financial boon from a system plagued by legal obstacles and a lack of clear guidance for beneficiaries. This situation has led to over RD$117 billion in unclaimed pension funds, with Administradoras de Fondos de Pensiones (AFPs) – the pension fund administrators – allegedly profiting from this disarray.

Elías Báez, the director of the General Information and Defense of Social Security Affiliates Agency (DIDA), has described the country’s pension system as inherently unjust, negatively impacting both retirees and their families. He stated that approximately RD$117 billion is currently in limbo because family members lack the necessary mechanisms and information to claim...