Mexican senator rails against Afore fees
Mexican senator Isaías González Cuevas advocated for reforms to reduce private pension providers' (Afores) commission fees.
Commission rates charged by Afores range from 18-23% of a worker's total retirement savings, among the highest in Latin America, González said in an interview with daily El Universal.
The proposed legislation, currently under debate in the senate, would modify 52 articles in the retirement savings system (SAR) law to increase sector competition, he added.
A key part of the bill, he said in the interview, would limit some commission fees to the profitability reported by the Afore.
The legislation would also increase from one to three years the time a worker must wait to switch Afores.
In an interview with BNamericas, Afores association head Carlos Noriega Curtis criticized the longer time lapse.
"You are reducing the flexibility to move from one Afore to another," he said. "We don't know whether this will encourage Afores to invest more on their commercial efforts or less."
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