The controversy surrounding Afores (private pension fund managers) has reignited. The reform that created the “Pension Fund for Well-being” (Fondo de Pensiones para el Bienestar), allows for the transfer of funds from certain unclaimed retirement accounts—under conditions established by law—into the state-managed fund.
The measure was championed by Morena during the administration of Andrés Manuel López Obrador and sparked fierce criticism from the opposition, who denounced the move as the State appropriating funds that belong to workers.
The government defended the reform by arguing that the funds would remain reclaimable and that the accounts of active workers would be protected. However, the fundamental debate remains: to what extent can the State access money earmarked for workers’ retirement?
There is a world of difference between using funds via a legal mechanism to finance pensions and creating the perception that the government can help itself to other people’s savings simply because an account has become inactive.
The opposition labeled the measure “theft” and warned from the outset that it would turn to the Supreme Court to try to halt the transfer of these funds.
Now, the political message is once again explosive: money intended for the retirement of millions of Mexicans should not become a slush fund for any government.
Because workers save for decades to secure their old age.
Citizens on social media claim that IT IS NOT THE GOVERNMENT’S MONEY. IT IS THE WORKERS’ MONEY.
Source: La Realidad México
