in

Unemployment retirement, which Afores lost the most money?

In addition to being in charge of managing the resources of the workers affiliated with the IMSS, the Retirement Fund Administrators (Afores) also offer other services for the benefit of their affiliates, including retirement due to marriage and unemployment.

2020 was a different year in many ways as the pandemic forced many people to change their way of life. One of the effects that this brought about is the loss of hundreds of jobs because the work centers no longer had the same income and could not maintain the same number of jobs.

Withdrawals for unemployment increase. Photo: Reforma

For this reason, the workers found it necessary to resort to their Afores to make the Partial Retirement due to unemployment. Coppel, XXI Banorte, Azteca and Citibanamex were the three administrators that presented the most procedures of this type, this in the first 9 months of the year.

These withdrawals totaled 14,492 million pesos in the months of January and September, which is distributed as follows among the Afores: Coppel, 21%; XXI Banorte, 18%; Azteca and Ctitibanamex, 15% each; according to data provided by the National Commission of the Retirement Savings System (Consar).

But there are also the Afores that registered fewer retirements due to unemployment, these are: PensionISSSTE, with 0.17% of the total amount; Inbursa 3%; Principal 5%; Invercap 6%; Profuturo and Sura with 9%, each.

The months in which these unemployment retirements increased were between March and April, by 38%, since they increased from 1,150 million pesos to 1,587 million. July was the month with the highest demand as unemployment retirements totaled 1,880 million pesos.

These withdrawals somehow damaged the future of the Afores by increasing significantly. Making a comparison between March and September, the administrator Invercap was the one that had more retirements due to unemployment, with 106.5%; then Sura with 76.2% and Azteca with 75%.

For more news on this and other topics, we invite you to our Retirement section.