b) Countries where the adjustment of contributory pensions is left to the dis­cretion of the government(El Salvador, Mexico, Panama, and Peru) should introduce CPI or wage adjustments. c) The Dominican Republic must issue the recognition bond—a right of those who contributed to the old public system that would increase their pensions. 8. Improving the Administration and Reducing Costs It has been shown that competition does not work in most countries(there is a duopoly in El Salvador and Bolivia) and that administrative costs are high and substantially reduce future pensions amount(both regarding the old-age program and the annuities); to face these problems it is advised to: a) Establishing, in all countries, multiple-nature administrators(private, pub­lic, cooperative, mixed), same rules for all, following Uruguay’s example, where a public administrator has successfully operated for many years (there are also multiple administrators in Colombia, Costa Rica, Mexico, and the Dominican Republic); b) Holding bids every two years where the AFP that offers the lowest fee takes the new affiliates(as in Chile and Peru), as well as a portion of those already affiliated, and stipulating that no AFP can exceed by 50% the lowest fee in the market; c) Setting limits on fees and premiums(as in El Salvador and the Mexican bill in congress that sets the limit according to the average of four countries), as well as on commercial expenses; d) Supporting fees on capital returns(which already exists in several coun­tries) replacing fees on salary, which does not offer incentives to the AFP to improve their performance; e) Introducing electronic transfers among the AFP(as in Chile); f) Connecting the AFP with the volatility risk in the stock market by creat­ing a fund with contributions from the AFP when there are profits in such market, in order to return fees or assist the insured in the event of losses or economic crises(as in the bill in Chilean congress); 216