The Welfare Pension Fund has less money than estimated

Who benefits from the Welfare Pension Fund?

The Welfare Pension Fund will supplement the pensions of those who retire after July 1st under Law 97 and who earn less than 16,777 pesos per month. This Monday, the sources of financing for the Welfare Pension Fund were presented, in which inactive Afores contributed 59%, Infonavit 14%, and the liquidation of Financiera Rural de Desarrollo 27%.

Afore XXI Banorte, Citibanamex and Sura are the three Afores that contributed the most resources to this Pension Fund for Welfare, followed by Profuturo and Principal.

The Bank of Mexico will be the one to manage these resources and the deputy governor of the central bank, Omar Mejía Castelazo, said that the bank has the necessary experience for the management of resources and that proof of this are the international reserves.

“We have received funds amounting to 31.7 billion pesos that are already in the Trust Fund and, therefore, the funds are already available,” said Mejía Castelazo.

The deputy governor added that a report will be issued every three months on how the Pension Fund’s resources have been invested.