Monte de Piedad at risk of bankruptcy? The union denies it.

“In the 2022 talks, I proposed that we sit down and talk and that we could do many things to improve the contract, make it more flexible and make it more viable so that labor costs would be lower,” he added.

Arturo Zayún added that as a result of pressure, they have fired 300 employees and security guards, whose income is around 350 pesos a day, but who maintain jobs with salaries of up to 500,000 pesos a month.

Currently, Monte de Piedad has 2,100 workers affiliated with the SNETMP.

The union leader commented that he proposed to the Ministry of Labor and Social Welfare (STPS) a review of the salaries of both unionized and trust employees: “They never wanted to show the payroll, arguing that it is private; they presented ours, ”he said.

The union leader said he was willing to review the positions to see “which ones we can remove”, that is, “comparison of positions”, as well as the possibility of working Saturdays and Sundays.

“Their purpose is not to negotiate the labor cost that they want to take away from us,” he accused.

Bankruptcy risk?

According to Zayún, Monte de Piedad is not at risk of bankruptcy, since the remnants (profits) of the institution add up to 2,000 million pesos and its liabilities have gone down.

He said that since 2017, when they bought Sofipo Financiera Monte de Piedad, they have not had any profit. Monte de Piedad bought it for “1,000 million pesos and has not recovered a five.”

He added that the financial company adds losses of around 500 million pesos.

The union leader sees a conflict of interest in the purchase of this financial institution, since the Private Assistance Institutions Law prohibits Monte de Piedad from being a Sofipo. “Monte de Piedad is mandated by law to be an altruistic, non-profit institution,” he commented.

“They want to take advantage of the tax benefits, the prestige and the infrastructure that the mountain has; the more than 36,000 million pesos that a Sofipo has to make, disguised to make a kind of bank. They have everything to do a great business in the Monte de Piedad, ”she added.