The National Commission of the Retirement Savings System (Consar) reported that the 10 administrators of retirement funds (afores) had a profit of 3,189 million pesos at the end of August, which meant an annual drop of 68.9% in terms real.
Official data revealed that seven of the 10 fund managers posted profits at the end of August.
The fall in the profit of the Afores is a consequence of the historical decrease of 23 tenths of a point in the collection of commissions, which is their main source of income. The average commission of the Retirement Savings System (SAR) went from 0.80% in 2021 to 0.57% this year.
It should be remembered that the 10 Afores started the year on the wrong foot, since in January they had losses of 68,105,000 pesos, which was historic since it had never happened in the 25 years of the Retirement Savings System (SAR).
While only in the month of August the Afores had a profit of 531.3 million pesos, according to Consar data. This meant an annual contraction of 68.3% in real terms.
At the same time, the annual contraction in the utility of the SAR has a direct impact on the payment of the tax on the utility of the Afores to the Treasury of the Federation (Tesofe).
The payment of income tax was 967.9 million pesos in the January-August period, this represented an annual drop of 76.2 percent.
When considering only the eighth month of the year, the tax collected on the utility of the administrators was 67.7 million pesos, which represented an annual contraction of 89.4 percent.
Within the framework of the 25th anniversary of the SAR, Bernardo González Rosas, president of the Mexican Association of Afores (Amafore), commented to this space that the 10 fund administrators have been working in a very professional manner in the process of streamlining their entire model of business and thus adapt to this new reality of the SAR.
Commission income falls 31%
Consar reported that the 10 fund administrators accounted for 19,383 million pesos of income from commission collection between January-August, this meant an annual drop of 31% in real terms.
Only in the eighth month of the year, the income from the collection of commissions from the Afores was 2,518 million pesos, this meant an annual contraction of 32% in real terms.
The drop of 23 tenths of a point in the collection of commissions will mean a saving of 11,800 million pesos for the more than 70 million workers registered in the Retirement Savings System, according to Consar.
The Consar projected that the decrease in the collection of commissions will generate an increase of approximately 6% in the replacement rate (percentage of the last salary).
In addition to the above, in the changes that were made to the legislation in 2020, it is established that from 2023 the gradual growth of 6.5 to 15% in contributions to Afore accounts will begin and therefore the replacement rate will increase. .
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