Amount transferred between Afores fell 54% annually in November

The amount transferred between retirement fund managers (Afores) totaled 18.974 million pesos in November; this meant an annual contraction of 54% in real terms, reported the National Commission of the Retirement Savings System (Consar).

While between January and November 2022, the total amount of transfers has been 340,937 million pesos, an annual decrease of 17.4% in real terms, according to data from Consar.

It is also the steepest annual contraction for that period since 2016.

Meanwhile, the number of accounts that were transferred in the eleventh month of the year was 194,215, this represented a contraction of 41.2% compared to the same month of 2021. The foregoing meant the first annual decrease for said period since 2016. .

The Commission’s data indicates that between January and November of this year, more than 2.8 million transfers have been made. This represented a decrease of 15.4% when compared to the same period last year.

Actions against misinformed transfers

It should be remembered that Consar, starting this year, has made a series of modifications to prevent poorly advised transfer between workers.

For example, as of August, promoter agents can no longer make any transfer and now it is the workers who do it through the Afore Móvil application.

In addition, in 2023 the pension advisors will come into operation, replacing the promoters and service agents.

The substantial change of this new figure is that they will no longer charge a commission for transferring accounts, but for registering accounts and promoting voluntary savings.

Afores and UN Women

At the same time, Consar reported that in order to promote the pension system and inform about its importance and benefits, the federal agency, in coordination with UN Women and the United Nations Development Program (UNDP) in Mexico, collaborated in the implementation of the UNDP Financial Inclusion Model within the framework of the Second Chance Program.

The program was launched in 2018 in Mexico and is one of the six countries in which this initiative has been implemented. The program seeks to expand educational and employment opportunities for women in vulnerable situations.

The participants received information on how to open an account or register with one of the Afores.

santiago.renteria@eleconomista.mx