Six companies were awarded in the second version of AFP Capital’s “Recognition of Sustainable Pension Management”
Out of more than 20 companies, GNL Mejillones, Disney, Telefónica Chile, GNL Quintero, Falabella Retail and Bagó were recognized for their actions intended to encourage savings and social security education among their employees. Santiago, Thursday, June 22, 2017. More than twenty companies participated in the second version of the Recognition of Sustainable Pension Management. This is an initiative that has been encouraged by AFP Capital for two years and that seeks to distinguish the best practices implemented by companies as a support to build the pension of their workers. Through a methodological evaluation supported by PROhumana Foundation, companies measure their level of development in initiatives promoting information and education on social security within their organizations. This year, the companies that stood out for leading actions intended to strengthen and foster pension savings among their collaborators were GNL Mejillones, with the highest distinction of the Recognition to the Sustainable Social Management; GNL Quintero, Telefónica Chile and Disney, under the category of Worker Support and Welfare, and finally under Education and Awareness, Bagó, Disney and Falabella Retail. Following the ceremony, a discussion panel was held on the role of employers in building their employees’ pensions; where good practices were shared and reflections were made regarding concrete actions that can improve workers' pensions and also on how to manage the generational diversity within companies. Among the panelists, María José Bosch, director of the Center for Research, Conciliation, Work and Family from Universidad de los Andes, Carolina Dell'Oro, graduated in Philosophy and partner director of Dell'Oro Lagos Consulting Company; Juan Ignacio Donoso, Legal and Sustainability Manager of GNL Mejillones, and Eduardo Vildósola, General Manager of AFP Capital. Findings of the second version of the Recognition of Sustainable Social Management: Based on the analysis performed by the participating companies, the following was identified: •78.9% of the organizations inform their collaborators about issues related to pension. •31.6% of the participating companies have economic benefits that support the pension savings of their workers. •Regarding how knowledgeable employees are, 71.7% claimed to know and understand how the pension system works, while 51.9% claimed to periodically check the status of their savings, and 53.6% claimed to have some kind of voluntary pension savings. •It was also noted that 70.3% of the workers surveyed consider that they will have to continue to work after the legal retirement age. Eduardo Vildósola, General Manager of AFP Capital, explained that this recognition seeks to distinguish and promote the active role and commitment of the employer in building Chilean pensions. "The employer is the one closest to workers and, therefore, has the opportunity to regularly interact with them, can help them in their training and education on social security, generate individual and group savings plans, and also make it possible for the AFP’s to advise workers in their own company, as soon as possible, at the beginning of working life." Methodology The evaluation instrument, carried out by PROhumana Foundation, measures three development levels of pension management within the participating organizations: I.Compliance with Regulation: The Company complies with current regulations regarding payment of social security contributions. II.Education and Awareness: The Company informs, educates and advises workers about the pension system. III.Worker Support and Welfare: The Company supports and guides the workers in social security aspects, through financial contributions and support. Regarding the steps of the evaluation, compliance with the first level is a must. Once this information is confirmed, companies are sent a questionnaire to evaluate levels II and III of the model. On the other hand, the workers from the participating companies receive an online survey to measure their knowledge of the pension system and the actions implemented by their companies. About AFP Capital AFP Capital is a company of SURA Asset Management Chile whose operations in Chile are pension, insurance, mutual funds and stocks. As of the end of Q1 2017, AFP Capital’s AUM amounts to US$ 35.8 billion owned by 1.7 million customers, and ranks 4th in the market.