I am interested to know why this social security is a fraud ,,the employee , if above minimum wage puts in about 2 % and the employer puts in 10% of the monthly wage and there is a small deduction made to cover disabilities of those who work on the less than the minimum wage .
Where exactly is the fraud ,,is it with the placement of the money of the actual fund ??

The Neo Liberal METROLANDIA of Lie-onel Fernandez that Danilo the puppet and Margarita the stooge will continue.

A systen designed to rip off the Dominican people in every way it can and allows EDUCATION to continue to deteriorate at light speed!

what has this to do with the social security where employers and the government make a 10 % contribution for pensions amd disabilities ?? Does any one know the specific greivance

Am I right in assuming that "Social Security" is what is called superannuation or retirement-fund in other countries? From my limited observations, it is a particularly generous plan. Work for the government for a few years, organize to be pensioned off, (anything is possible here) then you have an income for life without needing to work any more if you don't want to, and let's face it, how many Dominicans do?

Roy it is not quite the same as you have in Australia because it also has few other features but I assume there are trustees to each company pension fund in Australia who hand the day to day responsiblities to a professional fund manager ,,Here the government is the trust manager and although it has restrictions on what it can do with the contributions I imagine the complaints are to do with the management of the fund ...but no oone has spelt out the complaints in detail

Ricky, Australian super funds (like everything else) are highly regulated, and you need a degree in accounting and tax-law to understand it. You can also have a self-managed fund - full of traps for young players. Despite the safeguards, there have been cases of fraud, and also simply poor performing investments, so it is possible to get back less than you put in. However the main purpose is to encourage people to save for their retirement (rather than rely on a government pension) by using tax incentives.
It seems to me that many Dominicans would rather spend the money now, then worry about old-age if and when it arrives. Maybe the banka investment will come good by then, or at least one son will become an American baseball-star and the family will be set for life.

Roy;

That is if the baseball star's wife does not clean him out before he is able to help his family .

I have never heard of gvt giving out 10% and 2% employees contribution.,at least not in the USA.

You only get what you put into it plus interest througout length of work ,if the gvt does not borrow it

to never pay it back and gives you an IOU. No matter what ,,you still need 40 quarters to collect or

last 10 years of work. It is understandable the more years you put in the more you can collect.

Not that i believe on their screw up formula when the time comes for you to be elegible at age 62.

In another words a person that never worked in his life in this country and comes from the old

USSR and lands a good paying job at age 52 can retire with better benefits than you that worked

4 times longer at age 65. Unless the EUROPEANS are either smartter or more clever than us or

have good connection.

Roy is correct ,,,there is compulsary pension or superannaution funds in Australia and in numerous other commonwealth countries and the rate of contribution has been steadily increasing . I think the rate in Australia is now about (5 but only the employer pays including the various governments ..There are thousands of funds which are administered with differing success but there have been abuses in the past , such as using the funds to prop up share prices ..but most have now been legislated against ..

How can a dirty alley dweller know about S.S.?

Most adnvance country have such systems so when a dirty dog like you retires you can have a better life by collectiong your social security pension.

sorry ,,I have just been reading the labour laws and the social security 2011 and the percentage contribution is employee 3 per cent and the employer 7 and the government 2 percent ...and what wonderful benefits employees have when terminated even justifiably ...well in theory all is in igpinfo.com.

now what is the hassle about the social security ..well they have invested in some very unusual projects ,,including a millionaires club outside the DR according to the critics

Remember additional employee super-fund contributions are tax-deductible (within limits) but are taxed at the other end at 15%
I am worried about you, Ricky,
You genuinely know more about Australia than most Dominicans know about the Dominican Republic.
Let me guess - It's called self-education?
If only it could catch on here.

Australia has led the way in many social schemes but the introduction of the compulsary super was something that was so wonderfully worked out , with the compulsary savings aspect ,,that everyone in any senior position in business or government looked at it and it was copied to a great extent around the world ,,It has provided a cash pool for the purchase of shares on a continual basis .
There have been some wonderful pieces of legilation in the Australian governments ..I was fortunate to be at university in the UK with quite a lot of Australians who became departmental heads , ministers and leaders in industry ,,that was before Harvard became popular..
The taxation Act . although complex is a wonderful law in australia and it encompasses many social features .. Not quite self education as I did some work in Australia for a short period many many years ago when Malcom Fraser was a friend

SS only works when there's a:
1. cheap + ample energy resource. AMPLE+CHEAP.
2. large employment pool and a small retirement pool.

Does DR have an ample energy resource (as USA did have in oil at start of the 20th century) that would allow it to invest heavily in infrastructure that in turn would allow employment for majority of Dominicans?

Pay attention to the state of SS system in the USA.
It is non-existent and has been for more than one, maybe even two decades, is all running on debt, + it can do that because it prints US$ (the world's currency).

The scam is revealed (as is happening in the USA) when the:
1. cheap energy source, that powers everything else, grows scarce.
2. retirement pool grows larger than the employment pool.

Also, notice that even with the little the DR's already gotten there are rumors funds have already been fraudently used.

See Norway, largest SS fund in the world + properly used. What do they have? Plenty of Brent crude + no corruption.

simondc3,
When you talk about social security, do you mean retirement plans (superannuation) or the welfare state in general?