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The reform includes the creation of the Instituto Salvadoreño de Pensiones (ISP), which will be in charge of absorbing the Instituto Nacional de Pensiones de los Empleados Públicos (INPEP)) and will have broad regularization powers over the Administradoras de Fondos de Pensiones (AFP).
This institute will seek to correct the abuses committed by the AFPs with salvadoran pensioners and contributors.
With the new reform to the Sistema de Ahorro Para Pensiones (SAP), the regularization in which the AFPs have been involved will be modified.
The official explained that so far there is no entity with the specialized qualification to prosecute pension evasion. He said that so far the AFPs have not shown any interest in pursuing the evasion of contributions.
By not having a way to reduce the levels of evasion in this area, the system is entering a financial crisis every day because it does not have the income from employer's contributions and there are a certain number of employers who are evading it.
Translated by: A.M
