The caps on the Afore commissions that the government established from 2022 will represent savings of 175,000 million pesos for workers by 2030, according to data from the National Commission of the Retirement Savings System (Consar).
Based on the reforms that were made to the Retirement Savings System (SAR) in 2020, and which came into force in December 2021, a maximum limit was established on the commissions charged by the Afores, which is calculated by the Board of the Consar Government based on the average of the commissions charged in the United States, Chile and Colombia.
Thanks to this reform, the commissions charged by the Afores went from more than 0.80% in 2021 to 0.57% starting in 2022 and to 0.55% in 2025.
Before the 2020 reforms, each Afore charged its commission based on its business strategy and market conditions. Since there were no maximum limits, there were months in which the commissions were up to 2.0 percent.
In its closing report for 2024, Consar assured that the level of commissions approved for 2025 (0.55% on the balance) will represent additional savings for workers of 9,000 million pesos by 2030, “which are added to the 166,000 mdp for the decreases from previous years.” At the end of 2024, the balance in the Afores exceeds 6.8 trillion pesos.
