Fewer Mexicans withdraw money from their Afore due to unemployment

By amount withdrawn, October registered a decrease compared to last September with 2,106.2 million pesos. In the accumulated of the year, 19,043 million pesos have been withdrawn, 4.8% more than last year.

If the amounts in November and December exceed 2,000 million pesos per month, the unemployment withdrawals for this 2022 will be the highest in history.

The Afores that register the highest number of unemployment withdrawals are Azteca, Banorte and Coppel.

October records capital gains

Last October, the Afores registered gains of 83,042.6 million pesos, contrasting with the losses of the two previous months.

Although the loss trend was reversed in October, so far this year, the Afores have registered losses of 422.268 million pesos. The Consar has advised workers to avoid withdrawing their money in times of disability since, although they are temporary, they could become losses if they process their pension.

The movements of the Afores are considered capital losses and not losses because they are long-term investments, which at the end of the worker’s working life translate into profits.