Decree for creation of the Pension Fund is published in DOF

Mexico City. The decree creating the Pension Fund for Wellbeing was published today in the Official Gazette of the Federation (DOF), whose purpose is to provide the payment of a supplement to retired workers. With the additional amount they will be able to receive a little more than 16 thousand pesos per month.

The resource will come from unemployment and housing subaccounts of the individual accounts of workers aged 70 and over that have not been claimed from the Retirement Fund Administrators (Afores), and which are estimated to total more than 40 billion pesos. .

The DOF establishes that retirement fund administrators, institutions that perform similar functions of a public nature, as well as service-providing administrators must transfer the resources of the indicated subaccounts at the time the workers turn 70 years old, without the need to judicial resolution, to the Pension Fund for Wellbeing.

It details that the Pension Fund for Wellbeing will have a Technical Committee that must issue the operating rules on the reception, administration, investment, deliveries and returns of resources to the Social Security Institute.

It also establishes that said body will coordinate with the Institute of the National Housing Fund for Workers and the National Commission of the Retirement Savings System to issue, within the year prior to the worker turning seventy years of age, the notice to which Article 37 of the Law of the Institute of the National Housing Fund for Workers refers.

Last Friday, the Senate approved in general and in particular the minutes with the reforms to various laws that create the Pension Fund for Wellbeing, and turned it over to the federal Executive for its promulgation, which happened today. Previously, on April 23, the reform that gives life to the Fund was approved in the Chamber of Deputies.

During the debate in Congress, Morena highlighted that the more than 40 billion unclaimed pesos are not returned by the Afores, but now those resources will return to workers.

The reform modifies, adds and repeals various provisions of the Social Security Law, the Law of the Institute of the National Housing Fund for Workers, the Law of the Institute of Security and Social Services for State Workers and the Law of Retirement Savings Systems, among others.