How the Pension Fund for Wellbeing is going to be financed – El Sol de México

He Pension Fund for Welfare that will help complement the pensions of workers that are listed under the IMSS law of 1997 or the ISSSTE of 2007will be financed initially with the resources from 2.2 million inactive accounts registered by the Institute of the National Housing Fund for Workers (Infonavit) and the Retirement Fund Administrators (Afores), this in case the reform initiative who sent Brunette to the Congress of the Union.

Carlos Martínez, general director of the Infonavit explained to The Sun of Mexico what are you inactive accounts are from people who have more than 70 years and? have not been claimed due to various circumstances such as death or because the person is unaware that they have a savings in the Afore.

Below we tell you more details about how the project will be financed. Welfare Savings Fund.

How will the fund work to finance the pension fund?

The general director of Infonavit detailed that these accounts represent between 30 and 40 billion pesos and these resources would be one of the sources of income for finance the Pension Fund for Wellbeing.

88% of people retire between 60 and 69 years of age. But there are accounts of people from more than 70 years that have not been withdrawn, unfortunately because died or migrated and they left that money (…) The idea of ​​this background is that it is a additional pillar of the pension system which will be complemented by the elderly pension that the government gives, and those who work in formality receive what they deserve. Afore”.

Martínez clarified that if a person over 70 years of age wants to claim the savings they have in their account Aforeyou can do it then ““The rights are imprescriptible.”

“The main thing is that for the worker, his imprescriptible right to collect or claim resources is maintained. “They don’t have to worry that his resources are going to disappear,” the official explained.

They can go to the IMSS or Infonavit at any time to claim the money from their unemployment or housing subaccount and they will receive what they are entitled to.Carlos Martínez, general director of Infonavit.

The manager of the Infonavit commented that what is proposed in the initiative is the change in resource management of those accounts inactivesince currently the ten afores that make up the market are those that manage these resources and of which they charge a bimonthly commission greater than 0.50 percent.

That is, the accounts inactivewhich are those that They no longer receive constant contributions from the employerworker and government, will no longer be administered by the Afores, but will go to the Pension Fund for Wellbeing.

To this end, it is proposed to reform article 302 of the Social Security Law, which establishes the creation of this trust.

The creation of the pension fund will serve as a coordination vehicle so that the IMSS and the Afores can consolidate and invest the resources.

In addition, it will serve to “establish a reserve in order to respect the imprescriptible right of workers to return their resources.”

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Martínez indicated that the active accounts will continue within the system of afores how they have been operating until now and that the pension process it will stay the same. That is, a person who has his Active accountIf at 60 you want claim your pensionyou will receive it according to the IMSS law of 1997 or of ISSSTE of 2007.

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