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Friday, December 10, 2010

Dominican Republic pension funds top US$333.2M, 7% of GDP

The accumulated pension funds will reach RD$120.0 billion (US$333.2 million, around 7% of the Gross Domestic Product, GDP) this year, and are expected to surpass RD$150.0 billion for 2011.

Pensions superintendent Joaquin Geronimo provided the figures yesterday, and said for 2014 the funds will total nearly RD$300 billion, or 12% of the GDP.

The official said however that what’s important in the pension funds isn’t to count the money, because it grows RD$2.0 billion every month, with interests added, but to assure that they serve to guarantee the workers security in the future and wellbeing in the present.

Geronimo added that it’s not enough to guarantee a worthy pension at the time of an affiliate’s retirement if those funds don’t help to improve the economy and the population’s living conditions, by investing them in productive activities, such as in the promotion of housing for workers.

Source: Dominican Today

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