During the social confinement that caused the pandemic, many jobs were lost, skyrocketing partial retirements due to unemployment in recent months.
According to the National Commission for the Retirement Savings System (Consar) only in September, the amount withdrawn under this concept from the retirement fund managers (outskirts) was 1,892 million pesos.
It should be noted that this decision may affect the workers retirement since they run the risk of being denied the right to a monthly pension for not having the minimum number of weeks of contributions.
That is why Lockton recommends to all those who found it necessary to withdraw money from their individual account, return it once they have a new job.
“The money we have in the Afore is ours, and it is so ours, that we can resort to part of these resources when two circumstances occur in our life: marriage or unemployment,” says Ana María Montes, director of Actuarial Consulting at Lockton Mexico.
“Let’s imagine the case of a person who began to contribute for the first time to Social Security from July 1997. Before losing his job, at the beginning of 2020, he was contributing with a salary of 13,600 pesos per month (approx. 5 UMAs) and had 750 weeks listed with the IMSS (just over 14 years). This person had an accumulated amount in his AFORE of 252,000 pesos. The person requested an unemployment withdrawal at the beginning of the quarantine and the amount that he was authorized to withdraw was 31,000. This implied a reduction of 92 weeks of contribution ”, comments Ana María Montes.
When processing his retirement with the IMSS, this person would face the following:
- Scenario 1 if it does not return the resources:
They would deny him the right to a monthly pension for not having the minimum number of weeks contributed (750 weeks in 2021). Although he would be entitled to receive the amount accumulated in his afore for 221,000.
You lose the right to receive health care for life, because your contribution weeks are less than 750.
- Scenario 2 if you return the resources:
When the resources are returned, the 92 weeks are restored and with this he is entitled to receive a guaranteed minimum pension of 5,770 per month.
You would be entitled to receive health care for life. It is important to note that the cost of any surgical intervention exceeds the 31,000 that you withdraw from your individual account.
“The pension that the worker would be entitled to ($ 5,770) actually represents a benefit of the order of 1.3 million to 1.5 million. The benefit for the medical service for life, in conservative terms, is equivalent to 2 million pesos per person, if we consider that by having 750 weeks of contributions we guarantee the medical service for life for the pensioner and their spouse, this benefit is equivalent to 4 million. That is, if we take into account the value of the pension for 1.3 million and that of the medical service for 4 million, the fact of recovering 31,000 from the Afore, may put at risk receiving the equivalent of 5.3 million in the long term, “he says. Ana Maria Montes.
Through this exercise, Lockton confirms that it is essential that people who have made early withdrawals take into account reintegration so as not to put their financial and health situation at risk in your old age.
Reference-www.eleconomista.com.mx