Introduction to Afores and the Pension Fund for Well-being
The Afores transferred $5,061 million pesos from inactive retirement savings accounts to the Pension Fund for Well-being, marking its first anniversary, according to the National Commission of the Retirement Savings System (CONSAR).
Breakdown of Transferred Funds
- $3,319 million under direct administration for Afores
- $1,531 million for housing, managed by Infonavit and FOVISSSTE
- $211 million in concentrator accounts
CONSAR emphasized that the transferred resources are non-prescriptible, as workers own their individual inactive accounts.
Return of Funds to Workers
Since the creation of the Pension Fund, $1,486 million pesos have been returned to 19,289 workers’ individual accounts who requested their resources.
Background and Purpose of the Pension Fund for Well-being
One year ago, the government established the Pension Fund for Well-being to supplement pensions of certain workers (those employed formally and earning less than $17,364 pesos) so they can retire with 100% of their salary.
Funding and Growth
Initially funded with $24,238 million pesos from over 2 million inactive accounts in the Afores, the recent transfer is the second since its creation one year ago.
As of its first anniversary, the Pension Fund for Well-being held a $47,426 million pesos patrimonium, enabling it to cover pension complement payments and refunds, according to CONSAR.
Key Questions and Answers
- What is the Pension Fund for Well-being? It’s a government-created fund to supplement pensions of certain workers earning less than $17,364 pesos, allowing them to retire with 100% of their salary.
- How much has been transferred to the fund? $5,061 million pesos have been transferred from inactive retirement savings accounts.
- How are the transferred funds distributed?
- $3,319 million under direct administration for Afores
- $1,531 million for housing, managed by Infonavit and FOVISSSTE
- $211 million in concentrator accounts
- How many workers have received their funds? 19,289 workers’ individual accounts have been credited with $1,486 million pesos.
- What is the current patrimonium of the Pension Fund for Well-being? The fund holds a $47,426 million pesos patrimonium.
