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The Retirement Savings System (SAR) celebrates its 21st anniversary with significant challenges to be met, such as an insufficient amount of compulsory savings to ensure adequate pension , in addition it requires a more active promotion of voluntary savings
This was declared by the National Commission of the Retirement Savings System ( Consar ) who noted that at the end of May the SAR accumulated a balance of $ 3.28 billion. weight of retirement savings which represents 14.84% of the country's gross domestic product (GDP).
The Regulatory Body of Pension Fund Administrators ( Afore ) clarified that [19659002] the system is facing significant challenges, such as an amount of $ 30,000. insufficient compulsory savings to guarantee 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 considered that it 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 the figures at 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-year history of the pension system are 11.31% in nominal terms and 5.40% in real terms, that is, once inflation updated, he continues to place them as a great alternative for saving in the country, he said in a statement from press.
Another challenge for the system is to incorporate the pillars not It is also necessary to encourage the self-employed and the self-employed to join the SAR, since the coverage of pensions in the country remains weak
. "It is essential to continue to promote actions that encourage formalization in the economy to increase the density of contribution," the SAR stressed after pointing out that there were 60.9 million accounts that represent for many Mexicans their first contact with the system.
In addition, he estimated that the downward trend in commissions should continue, even though a 1.9% reduction was achieved in 2008 to reach 1.02%; in 2018, the maximum commission was 1.09% charged by Metlife and the lowest 0.85% by Pensionissste.
The Consar added that the products available at the time of retirement should be expanded to cope with competition. desacumulación and it is necessary to deepen the financial education and culture prediction of Mexicans.
It is estimated that savings in the Afores already represents the second pillar of heritage The Mexicans, just behind the housing
up here 1.1 trillion pesos d & # 39; 39, Mexican pension savings were allocated to the development of Mexican businesses of different sizes belonging to different sectors of economic activity . Within this amount is funding for infrastructure and housing for 408,286 million pesos, which generates a virtuous circle for development, he said. 59007] SC
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