The National Commission of the Retirement Savings System (Consar) reported that at the end of August the administrators of retirement funds (afores) manage more than 5.05 billion pesos, this meant an annual contraction of 7.4% in real terms.
This year the resources managed by the Afores have been impacted by periods of high volatility in the market as a result of the war in Ukraine, the reopening of the economy and a new lockdown in China, which broke supply chains, as well as by fears about a possible recession in the United States and Europe.
Consar reported that the accumulated loss between January and August 2022 amounts to 304,657 million pesos. While only in August the disability was 71,058 million pesos.
The regulator, in charge of Iván Pliego Moreno, has mentioned that the nature of the investments is variable and that is why during this year there have been losses due to the post-pandemic context and in particular the war in Europe.
Pliego Moreno has insisted that the disabilities are not losses, unless the workers make transfers or withdraw resources from the Afore during this period.
More than 18 million workers do not know their Afore
The Retirement Savings System (SAR) has 71.7 million people registered at the end of August, which is an increase of 3% compared to the same period in 2021.
However, only 53.4 million are aware that they have an account in one of the 10 retirement fund managers. In other words, there are more than 18.3 million people who are unaware that they have a retirement savings account.
It should be noted that the accounts that have not been recognized will be assigned by Consar to the Afore that has generated the highest returns.
If the account remains in the assigned administrator for two years without having been recognized, Consar will change the account to the Afore with the best performance.
Pensioners by Afores
Since 2021, the year in which the reform to the Social Security Law (LSS) came into force, there have been 55,610 workers pensioned by the 1997 regime (afores), according to data from the Mexican Social Security Institute (IMSS).
Only from January to August 2022, there are 25,890 workers who were entitled to a pension with their retirement fund manager, according to information requested by El Economista and that was delivered by the Directorate of Medical and Social Benefits of the IMSS.
The almost 26,000 workers belong to the second generation of pensioners via afore and who for this year needed 775 weeks of contributions to be entitled to a pension, in accordance with the LSS reform carried out in 2020.
The workers of the second generation of the Afores who have retired this year are almost all of the pensioners last year, since they represent 87% of the 29,720 workers who had access to a pension in 2021.
Each year the number of contribution weeks will increase by 25 until reaching 1,000 at the end of the decade.
Before the LSS reform, 1,250 weeks of contributions were required.
santiago.renteria@eleconomista.mx
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