MEXICO CITY.- Much is said regarding the Retirement Fund Administrators (outside), however, few know what they really are, who manages them and why they are important.
What are Afores?
Las outside They are financial entities whose purpose is to manage the individual and non-transferable savings accounts of each of the workers.
It is important to mention that it is not regarding banks or insurance companiesdespite the fact that they, in many cases, are owners of them.
In addition, they must have the authorization of the Ministry of Finance and Public Credit and be subject to the regulation of the National Commission of the Retirement Savings System (Consar), as indicated by the Mexican Association of Afores (Fores).
In the individual accounts of the workers, “the contributions made by the worker, the employer and the government are deposited, as well as the voluntary contributions, the Solidarity Savings for ISSSTE workers and the returns earned from the investment of resources,” adds the Association.
How do Afores work?
Broadly speaking, once you start Laboral lifethe company or institution, the government and the worker himself send a part of the salary of this —which is calculated based on the base contribution salary and with a limit of maximum 23 minimum wages— to the subaccounts that are part of the Afore, and which are divided into four: Retirement, Old Age and Unemployment; Voluntary contributions; Housing, and additional or complementary contributions.
According to Amafore, the Afore account of the worker who contributes to the IMSS is made up of 3 subaccounts: Retirement, Unemployment at an advanced age and Old Age Subaccount (RCV):
- Withdrawal: it is 2% of the worker’s base contribution salary (SBC), this contribution is made by the employer.
- Unemployment at an advanced age and Old Age: it is a tripartite contribution; The worker contributes 1.125%, the employer 3.150% and finally the Federal Government contributes 0.255%. All contributions are on the worker’s SBC.
- Social contribution: It is an additional contribution made by the Federal Government of $1.45 pesos per day. Housing Subaccount: it is 5% of the SBC and is carried out by the employer. This contribution is administered by INFONAVIT, and the Afore only registers and keeps control of the resources.
- Voluntary Contributions Subaccount: These are the deposits that the worker voluntarily makes to increase the balance of his retirement savings and considerably improve the pension in his individual account.
- Solidarity Savings discount of 1% or 2% via payroll for workers who opt for said discount. For every $1.00, the Agency or Entity must contribute $3.25 with a maximum limit of 6.5% of the SBC.
How do you know which Afore you are in?
The Consar indicates that to find out which administrator your individual Afore account is registered with, you can find out through three means: call the phone SARTELal 55 1328-5000; via the Internet, entering the portal AforeWebin the section Locate your AFOREor in the App AforeMóvil.
How many Afores are available?
Currently, there are 10 Afores that are regulated by Consar: Profuturo, Inbursa, Sura, PensionISSSTE, XXI-Banorte, Principal, Coppel, Citibanamex, Azteca and Invercap.
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2024-04-24 13:05:34
