He heritage of the funds of pensions –made up of the money accumulated and invested for the retirement of the affiliates at the time of retirement – reached 1 trillion 312,535 million pesos in July of this year, for an increase of 15.24% compared to July 2023, when this amount will be 1 trillion 138,930 million pesos.
He growth of this heritage in the last year is the result, among other factors, of the number of new affiliates to the system of pensions already a growth in the rate of profitability annual of the funds inverted.
- Between July 2023 and July 2024, 241,701 new arrivals were added affiliates to the system, which went from having 4,947,026 affiliates in July last year, to 5,188,727 in July this year, for a growth of 4.88%.
However, the amount of contributors -the affiliates who remain active with periodic contributions to their fund pensions– only grew 1.54% in that period, standing at 2,184,125 in July 2024, 76,199 contributors more than the 2,107,284 registered in July 2023. In this way, the density of contributors is around 42%.
Meanwhile, the profitability of the funds increased by 2.68 percentage points, going from an average of 8.02% annually to 10.7% during the cited period, according to the pension statistics published by the Superintendency of Pensions (Sipen)
The pensions
The Sipen records that 15,108 were granted pensions for survival and 17,322 for disability in July of this year, for a total of 32,480 who are currently retired.
The applications to access one of these two pensions double the amount, with 68,262 in progress during that month, of which there were 43,267 applications for pensions for survival and 17,322 for pensions due to disability.
Added to this is that there are 233,631 affiliates who accessed the return of the total of funds accumulated in your Individual Capitalization Account (CCI), a benefit that is granted to those who entered this modality of funds of pensions late, as well as those affiliates who suffer from a terminal illness.
By July of this year, the Sipen accounted for 50,881 million pesos returned under this modality and 244,631 applications in progress.
According to Sipen, pensions in the Dominican Republic averaged 12,982 pesos per month in July of this year, only 36.68% of the average salary of people affiliated to the system, which in that month was 35,385 pesos.
This is due, among other things, to low salaries and periods during which a member stops contributing to the system.
CCI and distribution
Currently, 79.3% of the heritage of the funds of pensions It is covered by the CCI, which totaled 1 trillion 041,376 million pesos as of July 2023.
Of the seven Administrators of Pension Funds (AFP) that manage this system, three of them concentrate 59.4% of the accumulated resources, being AFP Popular the largest number, with 355,875 million pesos as of July this year, with 27.1%.
This is followed by the AFP Growwith 243,497 million pesos (for 18.6%), and the AFP Reservationswith 179,716 million pesos (13.7%).
14.8% of the heritage of the funds corresponded to the system of distribution individualized, which totaled 194,675 million pesos, and which includes the funds of pensions from the Central Bank (27,784 million pesos), the Reserve Bank (21,288 million pesos) and the National Institute of Teachers’ Welfare (Inabima) (145,602 million pesos).
While 5.8% corresponds to the Social Solidarity Fund, a figure that includes the affiliates low-income people over 65 years of age, who have contributed to any of the social security systems pensions current and whose personal account lacks funds sufficient for its coverage, accumulating 76,390 million pesos in July 2024.
