Post by account_disabled on Feb 22, 2024 0:55:52 GMT -6
To take stock of the retirement savings system, a study was carried out called What has not worked about the Afores model? It was made by Lockton México , a private insurance broker and consultant. According to the study, the demographic change, the increase in life expectancy and the lack of adequate financing of the pension system, in 1995 the IMSS scheme was reformed, which is applicable to private sector workers, with the objective of give it financial viability. With the entry of the 1997 reform, pensions would be calculated with what each worker has accumulated in their individual account and the number of years they are expected to live. The Lockton study took stock of the Afores system Years of contribution In order to have a pension, it is necessary to have contributed at least 24 years to Social Security and it is estimated that less than 30% of workers will be able to meet this condition.
It is likely that 70% of the population does not have the right to a pension, due to not having a formal job. Saving The worker contributes 6.5% of the contribution salary to the individual account. If we take into account that 75% of workers contribute less than 5 minimum wages, the contribution level is very low. Input If the Iceland Mobile Number List worker's salary is less than 5 minimum wages, he would be entitled to the guaranteed minimum pension. In these cases, the government must complete the salary accumulated in the individual account to guarantee the granting of the guaranteed minimum pension. commissions Although the commissions charged by Afores have decreased, they are still high if we compare them with other national and international financial administrators.
After retirement When workers have the right to retire and want to do so, they must decide whether the Afores continue managing their money or the accumulated amount will be delivered to them monthly. The study proposes that employees can create savings for the benefit of Social Security and also raise the level of financial education to plan for retirement. “It is possible to establish a social security system that is for all Mexicans and that is financially viable, but it is necessary to adopt a culture of savings, prevention and transparency where authorities, private initiative and the employees themselves are involved,” says the study. Lockton Mexico.
It is likely that 70% of the population does not have the right to a pension, due to not having a formal job. Saving The worker contributes 6.5% of the contribution salary to the individual account. If we take into account that 75% of workers contribute less than 5 minimum wages, the contribution level is very low. Input If the Iceland Mobile Number List worker's salary is less than 5 minimum wages, he would be entitled to the guaranteed minimum pension. In these cases, the government must complete the salary accumulated in the individual account to guarantee the granting of the guaranteed minimum pension. commissions Although the commissions charged by Afores have decreased, they are still high if we compare them with other national and international financial administrators.
After retirement When workers have the right to retire and want to do so, they must decide whether the Afores continue managing their money or the accumulated amount will be delivered to them monthly. The study proposes that employees can create savings for the benefit of Social Security and also raise the level of financial education to plan for retirement. “It is possible to establish a social security system that is for all Mexicans and that is financially viable, but it is necessary to adopt a culture of savings, prevention and transparency where authorities, private initiative and the employees themselves are involved,” says the study. Lockton Mexico.