Partial withdrawals due to unemployment in Afores totaled 2,048 million pesos in November

Partial unemployment withdrawals made in the retirement fund managers (Afores) reached 2,048 million pesos (mdp) in November of this year, according to the National Commission of the Retirement Savings System (consar).

In this sense, the reported amount had an annual increase of 0.3% in real terms. While in monthly comparison with October the amount increased by 1.5 percent.

However, the amount of the partial withdrawal for unemployment again broke the barrier of 2,000 million pesos for the sixth time since registration began; of which five of those occasions have occurred this year.

Only in September of this year was the record figure reached with 2,202 million pesos. While in March, August and October 2022 withdrawals of 2,025, 2,082 and 2,016 million pesos were observed, respectively.

However, the first time that unemployment withdrawals exceeded 2,000 million pesos in October 2020 with 2,094 million pesos.

The accumulated balance up to November in partial withdrawals due to unemployment totaled 21,091 million pesos, this represented a fall of 2.5% in real terms compared to the same period last year.

Meanwhile, Consar reported that more than 1.7 million workers have decided to withdraw money from the Afore between January and November 2022. Only in the eleventh month, 153,709 people withdrew resources.

It is a right, but it must be analyzed

Partial retirement due to unemployment is a right that has helped millions of workers during the more than two years that the coronavirus pandemic in Mexico.

The Consar authorized that partial withdrawals due to unemployment could be processed from the application of Afore Mobile. However, only those who have their Electronic File updated will be able to do so.

In case of not having the digital application, the interested party must attend the branch of their Afore to carry out the process of withdrawing resources.

However, withdrawing resources from the fund manager reduces weeks of the worker’s contribution. The time taken from them depends on the salary they receive.

santiago.renteria@eleconomista.mx