[ad_1]
The Retirement Savings System (SAR) has been in existence for 21 years, with significant challenges in terms of insufficient mandatory savings to guarantee an adequate pension, in addition to promoting more actively the pension system. voluntary savings.
This was stated by the National Committee of the Retirement Savings System (Consar), which pointed out that at the end of May, the SAR has accumulated a balance of 3.28 billion pesos in savings- retirement, a figure that accounts for 14.84 percent of the country's gross domestic product (GDP)
The regulator of pension fund administrators (Afores) clarified that the system is facing challenges important such as an amount of mandatory savings insufficient to ensure an adequate replacement rate (it is estimated that under the current conditions there will be a pension between 25 and 30% of the last salary.)
He also felt that it is necessary to promote more actively voluntary savings through joint measures of government and business; by the end of May this year, voluntary contributions amounted to 63,567.3 million pesos, a figure that almost tripled in real terms compared to the end of 2012 (13,052.1 million pesos).
He adds that it is necessary to further relax the investment regime in order to continue to offer competitive returns, despite the fact that of the total resources accumulated in the pension system, 45 per cent ( 1.48 billion pesos) represent the net yield of commissions generated over time the rest are the tripartite contributions
The returns of the 21 years of the history of the pension system are at 11.31% in terms nominal and 5.40% in real terms, that is, once inflation has been updated, it continues to place them as a great alternative for savings in the country, he said. said in a statement
Another challenge for the system is to integrate the non-contributory pillars and contributing to increase the efficiency and equity of our pension system, it is also necessary to Encourage the self-employed and the workers They are independent to join the SAR, as pension coverage in the country remains low.
"It is essential to continue the actions that encourage formalization in the economy to increase the density of contribution," stressed the SAR after pointing out that there are 60.9 million accounts , which is for many Mexicans their first and perhaps only contact with the formal financial system.] Moreover, he believes that the downward trend in fees should continue, even if a reduction of 1.9% was carried out in 2008 to 1.02% today, in 2018 the maximum commission was 1.09% charged by MetLife and the lowest 0.85% for Pensionissste
Consar added that the products available should be expanded at the time of retirement to deal with the phase of dehumanization and it is necessary to deepen the financial education and social security culture of Mexicans.
It is estimated that savings in the Afores already represents the second pillar of Mexican heritage, just behind housing.
Up to now $ 1.1 billion has been allocated. Mexican retirement savings pesos to the development of Mexican businesses of different sizes belonging to different sectors of economic activity.
In this amount is the financing of infrastructure and housing for 408 thousand 286 million pesos, with he said that a virtuous circle is generated for development, he said.
The Savings System or for Retirement (SAR) it has been 21 years of existence with significant challenges to be raised as an amount insufficient mandatory savings to guarantee an adequate pension, in addition it is necessary to promote more actively voluntary savings. (ARCHIVER)
Personal FinancePensionsCONSARSaving
More from Finance
– MD
[ad_2]
Source link
