2003News

1.2 million join pension plans

El Caribe?s business section reports that 1.2 million employees have signed up for ADP private pension schemes, as required by the new social security legislation. This figure represents about 94% of all eligible workers, according to the director of the Association of Pension Fund Managers (ADAFP), Kirsis J?quez. The plans were originally criticized by trade union leader Rafa?l Abreu, vice president of National Trade Union Council (CNUS) and a member of the National Social Security Committee. Abreu said that the government was unprepared for the full implementation of the scheme, and that it had not yet made its own monthly contribution of RD$60 million to the Social Security Institute.