Regulatory Alerts2022-12-30 | NSP-57Added · Updated
Technical Norms for Affiliation to the Pension System
The Committee of Norms of the Central Reserve Bank of El Salvador issued these norms to regulate the affiliation process for the Comprehensive Pension System, establishing mandatory procedures for Pension Fund Administrators, the Salvadoran Social Security Institute, and the Salvadoran Pension Institute. The document mandates that affiliation contracts be processed within specific timeframes, requiring Administrators to submit data to the Superintendency within five days and the Superintendency to validate requests within three business days. It further stipulates that employers must affiliate workers within twenty days of the start of a labor relationship and defines the Unique Identity Document as the primary identification number for the system.