½Û×ÓÊÓƵ

The retirement savings program (Sistema de Ahorro para el Retiro, SAR) is run by the national commission for the savings scheme for retirement (Comisión Nacional del Sistema de Ahorro para el Retiro CONSAR), and it:

1. Ìý

   •ÌýÌýÌýÌý regulates and supervises pensions savings

2. Ìý

   •ÌýÌýÌýÌý monitors and caps commissions and charges made by funds

3. Ìý

   •ÌýÌýÌýÌý supervises the investment of workers contributions to ensure monies are protected

4. Ìý

   •ÌýÌýÌýÌý ensures funds send regular investment statements

(CONSAR – what we do)

Employers are obliged to pay monthly contributions of 2% of their wage base to the basic retirement fund.

In addition there is a supplementary employer contribution of 3.150% (see table above) to an old age and lay off fund (CEAV). Employees contribute 1.125% to CEAV. The government contributes an additional 0.225% to the lay off and old age funds (CONSAR).

This makes total contributions towards retirement savings of 6.5% in 2024. Voluntary and complementary contributions may be added by the employee and employer (see 6.4).

A ceiling is set