The Retirement Fund Administrators (Afore) had a strong start to the second half of the year, recording a 9.4% annual increase in profits for July, driven by commission revenues, according to figures from the National Commission of the Retirement Savings System (Consar).
The net profit of the 10 Afores collectively rose from 5,930.8 million pesos in July of last year to 6,488.1 million pesos in the seventh month of 2024. This result was propelled by a 12% increase in commission revenues, which amounted to 20,130.3 million pesos.
It’s important to note that the commissions charged by Afores to workers for managing their funds are capped at a maximum of 0.53% of the annual balance, a rate applied by eight out of ten Administrators.
In July of this year, the Afores also saw a 9.1% increase in their operating costs, rising from 8,507.4 million pesos to 9,282.3 million pesos.
For the January-July period of this year, the net profit of the 10 Afores operating in the country registered a 3.4% increase compared to the same period the previous year, despite higher costs and losses due to fluctuations in foreign currency.
Operating costs, including those related to affiliation and transfers, regulatory compliance, personnel operations, worker services, and investment and risk management, increased by 7.2%, reaching a total of 36,520.8 million pesos.
How to Locate an Afore Account from Abroad
If you are of Mexican origin and worked and contributed to the Mexican Social Security Institute (IMSS) or the Institute of Security and Social Services for State Workers (ISSSTE) before migrating to the United States, don’t forget about your account. You can locate and track it even from abroad.
The Retirement Savings System Telephone Service Center for Mexicans Abroad is available at 1 844 582 4933 in the United States.
Additionally, if a Mexican migrant wants a representative to handle their affairs in Mexico, they can request a power of attorney through the Mexican Embassy or Consulates.
With Information from Angélica Simón Ugalde