The Asociación Mexicana de Afores (Amafore) asked the National Commission for the retirement savings System (Consar) for an extension to deal with the maximum Commission that they could charge in 2022, which represents a sharp reduction from the level of this 2021.
"it is a reduction of almost half of the revenues of the Afore, of course it implies a change in the business model that managers have to do to adapt to this change at such short notice," said Bernardo González, President of Amafore.
At the end of October, the Consar announced that the Afore will not be able to charge workers a Commission greater than 0.57 percent of their total savings, which means a drop of 23 points over the 0.80 percent that the 10 administrators operating in the system charge on average this year.
González said the guild does not discuss the level that the Commission will have next year, but the ways and time, because from his point of view the due processes in the Regulatory improvement Commission were not followed, and the time to implement the decrease is very little.
Despite the above, the President of Amafore assured that the administrators will do their best to maintain the quality of the service even if they have lower incomes, and it does not foresee the breakdown of any, or that there will be mergers that will make the savings market smaller for the withdrawal.
According to the Consar, at the end of last October the Afore manage a total of 5.1 billion pesos belonging to 70 million workers. For this service, in the first 10 months of the year they have been charged commissions totalling 32.9 billion pesos.
On the other hand, Amafore presented the program and to the participants of the Amafore Digital Meeting 2021: "Laboratory for the future, conditions for the construction of 2050", which will analyse trends in retirement savings, labour markets, health, technology and the environment, as well as the future of investments.
The event is free and will be broadcast online on 23 and 24 November, and is aimed at anyone interested in the future, such as workers, investment specialists and university students.
