It is expected that the Law of Pension Savings System will soon be reformed, reducing the commissions earned by AFPs from 2.7% to 2.2%.
A majority of members of the Finance Committee of the Salvadoran Legislative Assembly have endorsed amendments to the Law on the Pension Savings System. The main changes include a reduction of the commissions earned by Pension Fund Administrators (AFP in Spanish) from 2.7% to 2.2%, and allowing up to 45% of pension savings to be invested in Pension Investment Certificates (IPC in Spanish) issued by the state to pay for pensions under the previous system.
The government of El Salvador is promoting a reform to lower the percentage of commission given to the AFP from contributions, from 2.7% to 2.2% and that seeks to improve yields for contributors.
The government of El Salvador has listed a series of reforms to the pension law. One is to reduce the commission received by the AFP from 2.7% to 2.2% for each contribution in order to increase the returns to workers.
If desired, the artists in Panama City's carnival can be contracted directly, bypassing the usual brokerage done by promotion agencies.
"They negotiate with the artists, I'm not going to inflate my budget," were the words of the manager of the PanamaTourism Authority, Solomon Shamah, referring to the $ 140,000 which is earmarked for direct payment of artists performing at the city´s carnival."