The Pension Fund Administrators (AFP) earnings grew by 56% during the first half of the year, according to figures from the Superintendence of Pensions. The AFP’s earnings during the first six months of the year climbed to RD$2.6 billion while during the same period of last year, the earnings were RD$1.1 billion. The difference is RD$1.5 billion in round numbers.
According to Diario Libre, the high 30% commission that the AFP collect implies high earnings, but it affects the growth of the pension funds and the possibility for workers to accumulate enough to receive a decent pension at the time of their retirement, according to social security expert Arismendi Diaz Santana.
The AFPs started operations in 2004. That year there were seven but only five have been operating since 2008, belonging to commercial banks: AFP Popular, Reservas, Scotia Crecer, Siembra and Romana. For this first semester, the earnings of AFP Scotia Crecer climbed to RD$621.9 million, while for the same period in 2012, earnings were RD$260 million, representing a 58.1% or RD$315.8 million difference. The AFP Popular received earnings of RD$715 million, while in the same period last year, the earnings were RD$343.9, representing an increase of RD$370.6 million, or 51.9%.