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El Salvador: Protests against pension fund ‘monopolies’

By  |  September 18, 2017

Representatives of various social organizations and unions in El Salvador rejected the “monopoly” Pension Fund Administrators (AFP) and the management of profits created by workers’ savings. Around 50 people protested the morning of September 18 at the headquarters of one of only two AFPs in the Central American country.

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    Dionisio Flores, representative of the union of state-run National Aqueduct and Sewerage Administration, declared that they stand “against a monopoly in which private enterprise has taken over workers’ funds.”

    Salvadorean President Salvador Sánchez Cerén called on Congress to approve a reform of the pension system before October, when payment will be due of about US$90 million to the AFP. Last April, the government defaulted on US$55 million owed to the AFPs due to a lack of agreement between the ruling party and the opposition on issuing bonds to make the payment.

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