Wednesday, 06 February 2019 15:58

Pensioners will be able to "check survival" through technological mechanisms

Written by Dinero

The Superintendency of the Financial System seeks to modernize the control of the survival of pensioners in the pension system.

To this end, it has initiated meetings with representatives of the Pension Fund Administrators (AFPs) that operate in the country, and the Pension Institutions -Unity of Pensions of the Salvadoran Social Security Institute (UPISS) and National Institute of Pensions and Public Employees ( INPEP).

"We will start with this process of innovation to demonstrate survival, through secure technological mechanisms, that facilitate pensioners compliance with the requirement of survival report, without interrupting the payment of their pensions”, the Superintendent of the Financial System, José Ricardo Perdomo said, in recent statements.

The initiative seeks for AFPs, and Institutes to use electronic and simplified means so that pensioners can demonstrate their survival from wherever they are, thus preventing the older adult from having to travel to an agency, office or consulate, taking into account that for many the displacement to a specific place is complicated, and burdensome either by residing outside the country, or by physical or health conditions.

Survival check control must be done at least once a year. Currently, there are mechanisms such as the physical presence of the pensioner in an agency, or office, the home visit for the case of people with health or physical difficulties, and the sworn statement in the case of pensioners residing abroad.

Each AFP and Pension Institute will have the freedom to define the type of technology to be used; nevertheless, for the previous analysis the technical team of the Superintendence has presented the available biometric recognition technology options, such as: fingerprint reading, iris recognition, face recognition, hand geometry, among others.

According to Perdomo, they are not eliminating mechanisms that there are, “The objective is for the pensioner to have an option that makes it easier to demonstrate survival without having to go to the AFP, UPISSS or INPEP”.

A significant number of pensioners who are outside of the country must do the procedure through the consulate or have to come to El Salvador, and if they are in a place where the consulate is far away, the cost and discomfort that displacement can represent is important. This initiative will allow to all these people will have the option to perform the survival check, from the place where they are, without needing to move to a specific place.

It is expected that with these means to benefit 186,336 registered pensioners as of December 2018.