The voluntary savings that workers make to their retirement fund manager (Afores) stood at 107,180 million pesos at the end of September, with which an annual drop of 2% was observed in real terms.
The data from the National Commission of the Retirement Savings System (Consar) reveal that voluntary savings had its first contraction for the referred period since registration is available.
Before this contraction, voluntary savings had grown annually in double digits for 12 years in the January-September period.
Analysts have explained that one cause of the drop in voluntary savings is linked to the inflation that Mexico is suffering, since it has an impact on people’s purchasing power. In September, the National Consumer Price Index stood at 8.70% at an annual rate; levels not seen for 22 years.
The Bank of Mexico expects inflation to average 8.6% annually in the last quarter of 2022.
Voluntary savings represent 2.1% of the 4.9 billion pesos managed by the 10 Afores.
Both Consar and fund managers specialists have explained that voluntary savings is an action that will help the worker to increase the amount of his pension at the time of retirement, therefore it is important to make contributions to the Afore account.
Only 12% make voluntary savings
The latest data available indicates that only 8.8 million accounts in the Retirement Savings System have received voluntary savings, this is 12% of the more than 71 million registered accounts.
From the end of the second quarter of 2021 to the same period this year, more than 717,776 people made voluntary contributions to their Afore. The annual average of voluntary savings rose from 11,817 to 12,053 pesos between June 2021 and June 2022.
In the Income Tax Law there is a section that establishes that all workers who make voluntary savings can deduct it in their annual declaration.
valores@eleconomista.mx
[ad_2]
hartford car insurance shop car insurance best car insurance quotes best online car insurance get auto insurance quotes auto insurance quotes most affordable car insurance car insurance providers car insurance best deals best insurance quotes get car insurance online best comprehensive car insurance best cheap auto insurance auto policy switching car insurance car insurance quotes auto insurance best affordable car insurance online auto insurance quotes az auto insurance commercial auto insurance instant car insurance buy car insurance online best auto insurance companies best car insurance policy best auto insurance vehicle insurance quotes aaa insurance quote auto and home insurance quotes car insurance search best and cheapest car insurance best price car insurance best vehicle insurance aaa car insurance quote find cheap car insurance new car insurance quote auto insurance companies get car insurance quotes best cheap car insurance car insurance policy online new car insurance policy get car insurance car insurance company best cheap insurance car insurance online quote car insurance finder comprehensive insurance quote car insurance quotes near me get insurance