Only 10% of the Dominicans 60 years or more can rely on any kind of retirement pension, according to a survey carried out by Hewitt, reports Hoy newspaper. It was determined that of those that have a pension, 50% receive only RD$800 a month, only about 25% of minimum wage. Pensions vary from RD$400 a month to a minority that receive RD$60,000 a month. Some 5,500 persons will soon be of age to collect pensions from the Dominican Social Security Institute (IDSS), according to the study. Recently, private companies have begun to offer pension plans, under the umbrella of Aseguradoras de Fondos de Pensiones (AFP). They have been successful, and have attracted upwards of RD$1,300 million. Traditionally, Dominicans have relied on the gratitude of their children or public charity to make it through their senior years.
