Afores Reform: Government does not steal retirement savings: Treasury and Infonavit

He government will not seize and, much less will steal he saving for him withdrawal of the outsideto complete the pensions of the workers who earn less, officials from Treasury, Infonavit y Citibanamex.

The undersecretary of HaciendaGabriel Yorio González, pointed out that the remodeling from outsidewhich analyzes the Congressat the proposal of the legislators of Morena, only plans to temporarily use the savings of 70-year-old workers, without an active employment relationship; but never “it will take” by force.

Within the framework of his participation in the 87 Banking Conventionsaid that the resources will serve as “Seed capital”, to create the so-called Pension Fund for Welfare which, along with other sources of money public, will help deliver a pension for one month of the salary average recorded before the IMSS.

“The sources of financing -of the Welfare Fund- established in the initiative- are budget savings, plus the assets inactive in the Afores” and, according to the law, “these could enter the fund seedbut in no way does it mean that they will be taken resources from the workers.

“President –Lopez Obrador– has made it clear that resources will not be taken from pensions; That has never been the spirit. In the law there is already a article that allows those resources to be used temporarily and, if there were any type of complaint or request, would be paid to the workers,” he said.

Using Afores savings is not theft

The general director of InfonavitCarlos Martínez Velázquez, said that it is wrong to say that the Pension Fund for Welfare intend seize the resources of two million 200 thousand inactive retirement savings accounts, which have not been claimed, both in the institute under his charge and in the outside.

“The greatest falsehood is to say that they steal o confiscan he money of workers -70 years or older-; it is not only a liebut they do it with fraud those who repeat it” he noted.

The official commented that the real and true thing is that the savings of the subaccount of unemployment o living place that will serve as seed capital for said fund, because that right It is inalienable.

“Since 2020 it is imprescriptible -the right to recover the money- and that means that the worker or his beneficiaries they can claim it; there is no doubt, there is no change and, in that sense, the worker has that right

The only modification is that “now, instead of it being administered in a reserve of the Infonavit or in the Afores, it is managed in a different fund; but the worker does not lose his right to collect.

“You will be able – as until now – to continue going to the window of the IMSS or of Infonavit to request the resources from your account, even if it has been inactive for many years,” stressed Carlos Martínez Velázquez.

The Afores reform is beneficial

The general director of Citibanamex Afore, Luis Armando Kuri Henaine, assured that it is beneficial to use the saving for the withdrawal of inactive accounts, because these resources are not lost, they can be recovered and help create a fund to complete the pensions of workers who earn less.

“We have always been in favor of any initiative that improves the pensions from the workers. There really isn’t a impact significant for us, because the amount “that they represent” are a minimal part of the rest of the accounts and resources managed by the Afores, he indicated.

He reiterated that the remodeling does not imply a risk for workers, because now their savings will go to a escrow managed by the Bank of Mexico (Banxico), from where the pension of whom just an amount retirement less than one month of the average salary of the IMSS.

He said that regulatory authorities, such as the Consar, and the directors of the Afores already work together to design the mechanisms y procedures to recover the saving retirement plans for workers with inactive accounts.

According to the records of the National Commission of the Retirement Savings System(Consar), Citibanamex Afore manages the pension resources of 9.9 million workers, with resources exceeding 968 billion pesos.

Savings managed by Afores

Consar reported that, at the end of March 2024, the Afores operating in Mexico manage 6.1 billion pesos, of which:

• 5.7 billion pesos, coming from the retirement subaccount, unemployment in advanced age and old age of workers contributing to the IMSS and ISSSTE.
• 212 thousand 961.1 million pesos corresponding to the voluntary and solidarity savings of the workers.
• 143 thousand 412.9 million pesos in Social Security Funds.
• 41 thousand 117.8 million pesos for the capital of the Afores.