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The creation of the Pension Fund for Wellbeing It is a populist measure that yes it will help peoplebut at the same time, will create a public finance problem. This is what he warned Alberto Tovar, specialist in business and personal finance of El Financiero, after the President Andrés Manuel López Obrador announced that he will sign the agreement this Wednesday, May 1 for this reform to come into force.
Prior to the commemoration of May 1, Labor Day, López Obrador indicated that he will sign the reform so that all citizens have a decent pension; however, Tovar warned that the Pension Fund for Wellbeing could be a problem inherited to the next governments.
“Adding excess spending to the federal government is a populist measure. Yes, it helps people, without a doubt, but it creates public finance problems. that is going to get worse little by little and will pass on to the following governments,” said the specialist.
Tovar explained that one of the problems of Pension Fund for Welfare the thing is It will be financed by resources from the Institute to Return What was Stolen to the People or from the profits that generate sectorized parastatal entities such as the Felipe Angeles International Airport (AIFA) or the Mayan Trainwhich are not yet profitable.
“What the government proposes is that they are going to take resources from the Institute to Return What was Stolen to the People, as well as the AIFA profits and the Mayan Train, which we know that, At the moment, they are deficient and we have to inject resources,” he explained.
The reform of creation of the Pension Fund for Wellbeing states that around 40 billion pesos of inactive Afore accounts will be taken to feed this fund. The objective is that People of retirement age can have a pension equal to their last salary as workers, with a limit of up to 16 thousand 777 pesos per month. However, this budget would probably not be enough for all workers.
“There will be a problem for public finances by paying all workers who want to retire. Around 2045 and 2050, the majority will begin to retire, the question is whether those forty billion pesos will be enough,” highlighted the specialist.
Pension Fund for Wellbeing seeks to compensate for the Law of 97
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The candidate for senator for Morena in Nayarit, Miguel Pável indicated that this reform will benefit the people who They started working after the law of 97 and the workers who were affected by the 2007 reform.
“What is fundamentally proposed is have a compensation fund so that the workers who started working and who were affected by the 1997 law, as well as the workers who were affected by the 2007 reform, the Social Security and ISSSTE workers, can have a more dignified pension with 100 percent of their last salary,” he highlighted.
Pavel ruled out that Pension Fund for Wellbeing is a risksince, he said, It is not planned that the government will take the pension funds from the Afores to create a unique system.
“What is being proposed is that this Fund be built, from the liquidation of some instances of the Government of the Republic, as well as from the profits of strategic projects, such as the Mayan Train, the Felipe Ángeles Airport and Mexican Aviation.
“It is also being proposed that this Fund could be established with debts owed by public institutions, with the SAT or with the ISSSTE itself, which are public entities.”
He added that, “the inactive accounts will go to Social Security, the Treasury, the Bank of Mexico, who will have control of the Pension Fund for Wellbeing that will compensate the workers.”
Finally, the economist Alberto Tovar considered that the Pension Fund for Wellbeing breaks the financial viability of the country. “It is not positive to carry out this reform in that way, above all, because this can lead to issues of fiscal deficit problems, which can eventually lead to inflationary processes that have been costly in Mexico,” he concluded.
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