Approximately 20,000 individuals have been employed in the nationwide program to enlist residents of the Dominican Republic to the pension plans under the new social security system, which became effective 1 February. Nine pension plan companies (AFPs) have been authorized to sign up the names on company payrolls, as an initial phase of the program. Employees have 90 days following 1 February to register and those who do not will be enrolled by defacto b in the AFP chosen by a majority the majority of their co-workers.
The authorized private AFPs are Siembra, BBVA Crecer, Popular, Profesional, Caribalico, Porvenir, Camino and Romana. The government AFP is the Reservas.
The program is slated to offer health, work risk and pension plan services as of 2 May. As of 20 May, the Social Security treasury will bill both public and private employers, with employees set to see the first deductions from their checks on 2 and 4 June of this year. Private companies will contribute 5.02 percent of employees? wages to the plan, while the employees themselves will pay 1.98 percent of their wages into the plan in the first year.
For more information, see the web site of the Social Security Treasury at http://www.tss.gov.do email ayudasiren@tss.gov.do or call 809 472-6151 and 809 472-0038. Information on the new program is also featured at
http://www.dida.gov.do with the contact email dida@dida.gov.do or telephone 809 472-1900.
