Santo Domingo.- The Chamber of Deputies on Wednesday passed a bill in two roll calls that slashes the Pension Fund Administrators’ (AFP) annual profits from 30% to 15%.
The bill had been passed in the previous legislature, but was about to expire. It will now go to the Senate.
The legislation amends Dominican Social Security System Law 87-01, and stipulates that all pension benefits granted under the Contributory Scheme will be updated annually, according to the Central Bank’s Consumer Price index (CPI).
It also stipulates that the National Social Security Council will be afforded the relevant regulations.