The Mexican Social Security Institute (IMSS) reported that in the accumulated of the first quarter of 2022 they have been pensioned by Retirement Fund Administrators (Afores) 5,976 workers.
In March alone, 2,476 people retired, according to data from the Mexican Social Security Institute.
Likewise, it was reported at the Social Security Week, organized in the Senate, that from January 2021 to March 2022, Afore pensioners total 35,692 people.
Of which, 33,751 have benefited from the reform since they had less than 1,250 weeks of contributions, according to data shown by the IMSS on the panel “Progress and status of the 2020 pension reform“.
It should be remembered that for second generation of Afores a minimum of 775 weeks of contributions will be necessary to be entitled to a pension.
The IMSS reported that of the 35,692 pensioners, 54% (18,335) correspond to men and 46% (15,416) to women.
78% (26,363) of the new pensioners have a pension range of less than 3,500 pesos per month. The remaining 22% (7,385) have a pension between 3,500 and 10,000 pesos, according to the IMSS.
The payment of pension through the use of an insurer only represents 0.008%, that is, only three people have this service.
The eat showed that the average replacement rate is 74% for more than 35,692 pensioners.
Meanwhile, 59% of all Afore pensioners are in an age range of 60 to 65 years; 28%, between 65 and 70 years old; and 13% 70 years and older.
An increase of 24% in the accumulated balance is expected
One consequence of the reform to the Social Security Law of 2020 is that the accumulated average balance will increase from 819,000 to 1 million pesos, this is an increase of 24%, projected the National Commission of the Retirement Savings System (eat).
This increase would generate a pension amount of 45%, since it would go from 4,400 to 6,400 pesos. The average replacement rate would be 64.8%, said Iván Pliego Moreno, president of Consar.
The pension reform that Mexico carried out positioned the country in 15th place from 35th at the level of the Organization for Economic Cooperation and Development (OECD).
In December 2020, the reform to the LSS was approved in the Congress of the Union, in which the reduction of the weeks of contribution from 1,250 to 1,000 was highlighted.
The foregoing goes through a transition period, since in 2021 the minimum number of contribution weeks was 750, for this year it will increase to 775 weeks to gradually reach 1,000 in 2031.
In addition, as of 2023, the contributions of the Contribution Base Salary will be increased gradually, over 8 years, from 6 to 15 percent.
In this context, Iván Pliego Moreno said that the pension reform set a precedent in the joint work of the government, private initiative and workers.
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