He Pension Fund for Welfare It is an initiative that has been presented by Morena deputies in which they seek to savings from Afores accounts that have not been claimed are used to finance said program. The objective of this initiative is that Mexicans can receive 100 percent salary at retirement age.
This initiative also does not rule out the possibility that if any worker or family member wishes to claim the Afore money, it can be delivered to them without any legal obstacles, as President López Obrador guaranteed.
Where will the money for the Welfare Pensions come from?
The Pension Fund for Wellbeing initiative proposes to have the resources that are available in the Afore accountsbut specifically in those that have not been claimed for a minimum period of 10 years and in the event that the owner has reached the age of 70 without claiming the resources.
That is to say, Mexican workers can feel calm, because Your Afore savings will not be at risk of being lost.
In order for the Pension Fund for Wellbeing initiative to advance, it has been proposed to apply a reform to Article 302 of the Social Security Law.
Who will manage the Pension Fund for Wellbeing?
The initiative proposes that the Pension Fund for Wellbeing is administered by a technical committeethis will be in charge of establishing operational rules for the reception, investment, distribution and performance of the Afores’ money.
Committee members will be prohibited from using the money to cover any type of budget deficit or other government financing need.
What is the maximum salary with which workers could retire?
The Pension Fund for Wellbeing initiative means that pensions would reach an average salary of 16,777 pesos, which would also be the ‘top’ salaryat least until 2024.
While to complete the maximum salary that workers registered with the IMSS or ISSSTE, it would be used the Pension Fund for Welfare.
“Now, the proposal is that with the solidarity complement 100 percent is reached of their last salary earned,” explained Iván Pérez, a Social Security official.
How much money from the Afores could they have?
At the moment The estimated balance of resources of people over 70 years of age who have not claimed could reach up to 40 billion pesosThis was explained by Guillermo Zamarripa, president of the Mexican Association of Retirement Fund Administrators (AMAFORE) and Carlos Ramírez, former president of Consar.
Ramiréz alluded to the fact that this initiative is being taken because “is politically sensitive and electorally attractive” and, therefore, “the legal path is being chosen over the constitutional one”, since its approval would be easier, since the party that proposes it has a majority in Congress.
The former president of Consar also pointed out that among the factors why workers have not claimed their resources, the majority are due to death, migration, and ignorance of the existence of the account itself.
To this last point, Zamarripa added that In a country like Mexico, with still poor financial education, These types of initiatives harm a vulnerable segment of the population such as the elderly.
