The two private pension fund managers, Progreso y Profuturo, unite a total of 49,454 members distributed in 48.1% and 52.9% respectively.
"Last year, the market recorded 6,236 new accounts which meant an increase of 35% in terms of assets under management", reported Prensa.com.
Source: Prensa.com
More on this topic
April 2012
The reform voted in in El Salvador raises the ceiling rate on the amount of government funds that can be used to pay Social Security pensions to 45% and reduces commissions for the AFPs to 2.2%.
The Legislature increased from 30 to 45 percent the ceiling on which government funds can be used to pay for INPEP and ISSS pensions, and decreased from 2.7 to 2.2 percent commissions to the AFP on Thursday when approving reforms to the Law on Pension Savings System (SAP in Spanish).
April 2011
Three years after its creation, the fund's income exceeds $1.5 billion.
Savings accumulated by Salvadoran workers, which make up 25% of the country's GDP, have grown steadily since 1998, the year in which the Pension Savings system was created.
Despite the important growth that the regime has shown in the last two years, one of the main challenges for the pensions sector is to increase the number of members, as well as attract workers from industries such as farming, informal retail and independent professionals.
November 2008
The Pension Fund Association revealed during a forum held by El Diario de Hoy newspaper that the funds administered by the PFA have reached $4.4 billion.
15% of this amount is used for required purchase of Contingency Investment Certificates (CIP) issued by the Multi-sector Investment Bank (BMI) for the payment of pensions for public institutions.
April 2012
With different modus operandi, the governments of Costa Rica and El Salvador are degrading the future value of workers' savings deposited with Pension Operators.
EDITORIAL
In the case of Costa Rica it is the voracity with which the Treasury has to go to the stock market in order to raise money to pay for increased spending, especially on staff salaries, leading to low yields on government bonds, which in an obligatory manner make up the portfolio of the Supplementary Pension Operators (PCO), assets which are supposed to safeguard the future value of pensions.
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