Economy2022 is shaping up to be one of the...

2022 is shaping up to be one of the worst years for Afores: Consar

In August, the Afores recorded capital losses of 71,058.9 million pesos (mdp) and according to the head of Consar, this year looks to be one of the worst years in terms of earnings.

“The year looks to be one of the worst years of the system but we know that in all the years that the system has had there have been crises with disabilities. There are good months and bad months: the importance is the trend and the final result, we have always had an increase,” Iván Pliego, president of the National Commission of the Retirement Savings System (Consar), told Expansión .

In the first eight months of the year, the Afores report capital losses of 304,657 million pesos, a figure that contrasts with the profits obtained in 2021, when the Afores had capital gains of 352,299 million pesos.

In 2022, five months with disabilities have been registered: January, February, April, June and August, according to Pliego. However, the official stressed that investments in this type of instrument are long-term.

Unemployment withdrawals register a record amount

It was not only a bad month for the returns on investments in the Afores. In August, the withdrawals made by Mexicans for unemployment reached a level not seen since October 2020.

In the eighth month of the year, 2,082.2 million pesos were withdrawn from the Afores for unemployment benefits, 6.55% more than the same month last year.

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From January to July, unemployment withdrawals totaled 2,742.1 million pesos, 2.7% more than in 2021.