Regulatory Alerts2022-12-30 | NSP-55Added · Updated
Technical Standards for the Management of Pension Arrears, Omissions, and Inconsistencies in Contributions in the Pension System
The Committee of Norms of the Central Reserve Bank of El Salvador issued these standards to regulate the treatment of pension contribution omissions and inconsistencies for Pension Fund Administrators, the Salvadoran Institute of Pensions, and the Salvadoran Institute of Social Security. The rules require Pension Institutions to notify employers of errors within twenty business days, granting them ten business days to remedy the situation, and mandate quarterly reporting of non-compliant employers to the Ministry of Labor. If administrative collection fails to recover debts within ninety days or through two months of broken payment commitments, institutions must initiate judicial collection procedures.
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