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Proposal to use savings to feed pension fund is worrying: IMCO

The Mexican Institute for Competitiveness (IMCO) said it was concerned about the use of private resources to create a Pension Fund for Wellbeing, an initiative presented by Morena deputies, which supports the objective of President Andrés Manuel López Obrador (AMLO), of guarantee a pension of 100% of the last salary for workers who earn less than the average contribution salary in the IMSS, which in 2023 was 16,777.78 pesos per month.

According to the initiative, the Pension Fund for Wellbeing would be a public trust not considered a parastatal entity, where the Bank of Mexico would act as trustee and would be fed with resources from workers who have not received their pension and who have more than 70 years.

To do this, the retirement fund administrators (Afores) must transfer the resources from the subaccounts at the time the workers turn 70 years old, with due notification of each transfer; In the case of State workers, it would apply to workers over 75 years of age.

“There are two things that worry me, it seems to me that we are going to mix private resources with those of the State, that does not seem good to me, that part seems confiscatory to me. The second part is that it is not well done, there are many hollow things, such as the fact that we do not have an actuarial estimate of how much this is going to cost in the long term,” said the general director of IMCO, Valeria Moy.

In interview with Forbes Mexicoclarified that he is not opposed to granting decent pensions, since it is essential to have resources to live with dignity, “I do not discuss it for a second”, but he considered that it has to be done responsibly and take into account that the population pyramid is being reversed. .

Valeria Moy explained that Morena’s initiative is not a surprise issue, but it is a delicate one, since it had already been anticipated in the Executive reforms that were proposed at the beginning of last February, when there was talk of guaranteeing pensions, but the question was where. The resources were going to come out, because although it was commented that they would come from the Institute to Steal What was Stolen from the People and from inactive funds, it must be explained that it is “inactive.”

In this sense, he pointed out, when talking about inactive resources, it is now proposed that they will be those that are in the Afores of people who have not claimed their pension and who have already reached the age of 70 or 75, but the important point is that they are private sources. that they have beneficiaries who can claim them, coupled with the fact that there will be people of that age who are still working.

The IMCO board pointed out that although the right of workers to these resources is imprescriptible, which implies that they can be claimed at any time and the fund will have to return them, “it does seem strange to me to transfer private resources to the State fund because They are contributions that the worker makes, that is the part that I don’t like because we start to stir and the first steps I don’t know if they open the door to other things,” he said.

Added to this, Moy added, is that the resources will never be enough and although they may be enough for one year, the issue of pensions is long-term, whose obligation will grow due to the population pyramid that is being invested, “not even We know when it will be enough,” he warned.

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