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. <\/p>\n
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. <\/p>\n
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%.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 … <\/p>\n