Santo Domingo.- Dominican Republic's pension fund managers grouped in ADAFP on Wednesday warned that lawmakers' decision to cut 50% of their profits threatens the sustainability of the system which manages workers' savings.
ADAFP president Kirsis Jaquez criticized the Chamber of Deputies’ amendment to Social Security Law 87-01which capped the PFA’s profits at 15%, from 30%, affirming that the provision won’t benefit the system’s members.
"We were surprised yesterday (Tuesday)," Jaquez said in reference to the approval by the deputies to cut the PFA’s profits, adding that she didn’t know if the legislators based their decision on technical grounds.
"A 50% reduction should have some analysis, or has to start from a technical situation to do so, that’s one point. But the other isn’t resolved, it’s not true that such a change would be a significantly benefit the system’s members. That’s irrelevant insofar as the benefit to the worker," the business leader said.