Dominican Republic's Pensions Superintendency outlines pension reform proposals including a 15 year route to a guaranteed minimum pension

In a radio interview, the Dominican Republic's Pensions Superintendency outlined modernization proposals for Social Security Law 87-01 aimed at adapting the pension system to longer life expectancy and irregular contribution histories caused by workers moving between formal and informal employment. Under proposals now in a socialization phase, people with 15 years of contributions could become eligible for a lifetime guaranteed minimum pension indexed to inflation, compared with the current framework in which minimum guarantees begin at 25 years of contributions. The superintendent also said the retirement age would not change for current affiliates. The current pension model was described as having been designed for workers who reach 30 years of contributions, even though many people work for decades without contributing continuously. The 15-year threshold is being considered as a transitional measure, with the qualifying period for the minimum guarantee potentially rising gradually over time. The package under discussion is not presented as a SIPEN-only proposal and is supported by actuarial modeling from the International Labour Organization, with references to the World Bank, the Inter-American Development Bank and the Inter-American Conference on Social Security. Proposed updates also include strengthening supplementary pension plans so workers can use voluntary savings for a first home, their children's education and medical emergencies without affecting mandatory retirement savings. The proposals remain under discussion and socialization and have not yet been submitted to the National Congress.