Understanding the Voluntary Savings Scheme in Afores
Guillermo Zamarripa, the president of Amafore (Asociación Mexicana de Administradoras de Fondos para el Retiro), has stated that the voluntary savings scheme in Afores (Administradoras de Fondos para el Retiro) is primarily advantageous for individuals earning significantly more than the average salary, around 16,000 pesos per month.
Who is Guillermo Zamarripa?
Guillermo Zamarripa is the president of Amafore, an organization representing Mexican pension fund management companies. His insights provide valuable context regarding the effectiveness and relevance of voluntary savings in Afores.
Why is the Voluntary Savings Scheme Limited to Higher-Income Earners?
Zamarripa explained that those who find the voluntary savings scheme appealing are typically individuals with salaries well above the average. He emphasized that those closer to the average salary have a safety net ensuring they receive a pension close to their salary, provided they meet the minimum weeks of contribution.
Safety Net for Average-Income Earners
This safety net comprises a guaranteed minimum pension, the Pension for Universal Adults, and complements from the Fondo de Pensiones para el Bienestar.
Example of Voluntary Savings Benefit
Zamarripa illustrated that for someone earning 45,000 pesos monthly, the 16,000 pesos from the safety net represents less than a third of their salary. Consequently, high-income earners should consider voluntary savings.
Focusing Incentives for Voluntary Savings
One of the significant challenges Afores face is how to encourage voluntary savings among those who would genuinely benefit from it, rather than implementing a broad strategy.
Ineffective Broad Strategies
Zamarripa mentioned that placing numerous contact points (supermarkets, convenience stores, etc.) for voluntary savings has not proven effective in increasing participation. Instead, automatic deductions from paychecks or credit cards have shown better results.
Growth of Voluntary Savings in 2025
According to the National Commission for the System of Savings for Retirement (Consar), voluntary and solidarity savings in Afores increased by 21% in 2025 compared to the previous year, reaching an all-time high.
Savings Volume and Historical Context
Despite the growth, cumulative voluntary savings throughout Afore history, along with their returns, only amounted to 3.83% of total Afore assets by the end of 2025, totaling 318,702 million pesos.
How to Make Voluntary Savings?
Various options allow a worker with an Afore retirement account to make voluntary savings:
- Deposit money at commercial networks such as 7-Eleven, K-extra, Bodega Aurrera, Walmart, Walmart Express, Farmacias del Ahorro, Sam’s Club, Chedraui, Punto Recarga, Financiera para el Bienestar, and Banco del Bienestar.
- Use AforeMóvil, Millas para el retiro, and uLink applications.
- Visit the website www.aforeweb.com.mx.
- Contact your Afore’s customer service or human resources department for information on voluntary savings options.
Key Questions and Answers
- Who benefits most from the voluntary savings scheme in Afores? Higher-income earners, typically those earning more than 16,000 pesos per month.
- What is the safety net for average-income earners? It includes a guaranteed minimum pension, Pension for Universal Adults, and complements from the Fondo de Pensiones para el Bienestar.
- Why haven’t broad strategies for voluntary savings been effective? Automatic deductions from paychecks or credit cards have shown better results.
- How has voluntary savings grown in 2025? It increased by 21% compared to the previous year, reaching an all-time high.
- What are the options for making voluntary savings? Deposit money at commercial networks, use AforeMóvil, Millas para el retiro, and uLink applications, visit www.aforeweb.com.mx, or contact your Afore’s customer service.
