Did pensions really improve?
The Secretary of the Treasury, Édgar Amador Zamora, went out to sell the achievements of the Pension Fund for Wellbeing. With figures in hand, he announced that he has benefited 6,670 people with 35.5 million pesos. Sounds good until you do the quick count.
That gives an average of just over 5,300 pesos per person. In an international forum organized by Santander and the London School of Economics, the official celebrated the change from a pure system to a mixed one.
“With the creation in 2024 of the Pension Fund for Wellbeing, we transition to a mixed system where people receive a supplement equal to their last salary,” he said.
The obvious question that no one asks: a supplement based on what salary? The same official speech repeats that the 2020 reform put the worker at the center. Of course, after decades of having it on the periphery.
The numbers that matter
Among the advances he highlighted are:
- Afore commissions reduced to an average of 0.538%.
- Contributions that will rise from 6.5% to 15% of the salary by 2030.
- Necessary weeks of contributions fell from 1,250 to 750.
Thanks to the latter, he says, between 2021 and October 2025 113,745 people retired. Under the old rules, just 11,602 would have made it. Ten times more. Impressive, right?
But here comes my professional skepticism: how many of those new pensions are worthy? Reducing requirements without guaranteeing decent amounts is like giving permission to enter an empty banquet.
The real deal: your money for their works
Now comes the juicy part. Amador Zamora shamelessly revealed the master plan: use your retirement money to finance government megaprojects.
The Afores already manage assets equivalent to 24.2% of GDP. They are the big investors in the country. And now they have a mission: to finance the 2026-2030 Infrastructure Investment Plan announced by Claudia Sheinbaum.
“This is where the funds managed by the Retirement Savings System should play a very important role,” said the secretary.
Translation: your old-age savings will be used to build roads, ports and airports. It is expected to mobilize more than 5 billion pesos. Nothing like using other people’s money to carry out public works with a presidential seal.
They promise a prudent regulatory framework and better returns. The same old promise while they mix your financial security with their political priorities. History repeats itself, only the names change.
