The IMCO detects the gaps in the federal initiative in the Pension Fund

MEXICO CITY (El Universal).— The proposal to create a Welfare Pension Fund, although it aims to complement the pensions of workers who have Afore to give them a payment of 16,361 pesos, needs to specify the resource return mechanism and the amount of government support, said the Mexican Institute for Competitiveness (IMCO).

To contribute to the debate on the pension initiatives being discussed in the Mexican Congress, the IMCO said that they intend to contribute to the public debate around the project that was presented on April 4 and which was already approved in committees of the Chamber of Deputies. .

In the document Pension Fund for Wellbeing, Implications for public finances and workers, he stated that it is intended to complement the pensions of workers who have a retirement amount equal to or less than 16,361 pesos, which was the average monthly salary. of affiliated employees in 2023.

He explained that this initiative will benefit workers who have individual accounts in the Retirement Fund Administrators (Afores), “as long as they retire and the Fund has sufficient resources.”

He pointed out that to form the Fund all the resources available in the retirement subaccount, unemployment in advanced age and old age will be transferred, in addition to the housing subaccount, once the workers who contributed to the IMSS reach the age of 70 years and do not have an active employment relationship or when they turn 75 years old if they are affiliated with the ISSSTE.

“Although the imprescriptible right of workers and their beneficiaries to receive the balance accumulated in the subaccounts” for retirement, unemployment in advanced age and old age and housing administered by the Afores and Infonavit, respectively, is maintained. However, the mechanism for returning these resources is not defined and could involve excessive procedures, long waiting times and possible administrative complications that could discourage said workers from exercising their claim,” he said.

The IMCO also stated that “there is a risk that workers will obtain lower returns than they could receive if their resources continued to be managed by the Afores and Infonavit.”

The fund contemplates that resources will be transferred from other sources such as 25% of the net profits of the parastatal and sectorized entities in the Secretariats of National Defense, such as the Mayan Train, Mexicana de Aviación, Felipe Ángeles International Airport; 75% of the income of the Institute to Return What was Stolen to the People.

In addition to the resources for the liquidation of the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development and income derived from the sale between 2024 and 2025 of real estate belonging to the ISSSTE.

Given these types of sources of resources, the IMCO warned that “it is possible that the Federal Government makes additional contributions to the Fund, which would divert resources from other areas, such as education, health, security or public investment.”

Likewise, the Institute for Competitiveness considered that the Fund could have around 35,400 million pesos, however, public information about individual accounts does not present sufficient disaggregation.

“The pension reform initiative requires a meticulous, evidence-based evaluation by members of both chambers of Congress, which should focus on its implications for public finances and the resources that Mexican workers have accumulated over the years. throughout their careers in the Afores and Infonavit.

“To achieve this objective, we urge legislators to maintain a constructive and participatory dialogue through an open parliament exercise…”, stated IMCO.

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2024-04-20 16:37:06

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