El Salvador: Treasury Puts Hands in Pockets of WorkersThe issuance of Pension Investment Certificates at a rate of 3% means a charge to future income of contributors in the Salvadoran AFP.Thursday, July 16, 2015
The refusal by the Ministry of Finance to release the documents that justify the decision to pay a fee of 3% on the savings of the AFP entering the 'Fideicomiso de Obligaciones Previsionales' (FOP), was declared illegal by the Institute for Access to Public Information (IAIP), which stated that financial secrecy does not apply to the FOP and the criteria that supported the decision must be revealed. Source: elsalvador.com ¿Busca soluciones de inteligencia comercial para su empresa?El Salvador's "Restricted Default" Status RemovedMay 2017 Fitch Ratings has raised the Salvadoran debt rating to CCC, but warned that political polarization could continue to affect the approval of new long-term loans. El Salvador in "Restricted Default"April 2017 Fitch Ratings has downgraded El Salvador's Long-term (LT) Local Currency Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'B'/Negative. Workers Lend Cheap Money to the StateFebruary 2014 The interest rate that the Government of El Salvado pays for money from the Pension Funds is not more than 1.3%, while international investors are paid more than 7%. Pension Investment Certificates in El SalvadorApril 2012 While supportive of the proposed legal reforms to improve the profitability of pensions, the AFP has requested a minimum interest rate of 4% for the CIP.
×
ok |
|