Working in the Mexican formal sector has multiple advantages, among which is having a Aforethat is why we will tell you right away What does it mean to be a transition generation at Afore?.
First of all, before explaining to you what it means to be part of the transition generation in Afore, we will have to specify what an Afore is, one of the most important concepts in the work life of formal Mexican employees.
In this sense, according to the Mexican Association of Afores (amafore), the Afore are “financial entities dedicated exclusively and professionally to managing individual retirement savings accounts for workers, which must have authorization from the Ministry of Finance and Public Credit and are subject to the regulation of the “Consar.”
In this sense, it should be noted that although the banks are owners of many of the Afores, the latter are not financial entities or insurance companies, since they are only dedicated to managing and investing the resources that workers deposit in their individual account. .
It is in this way that the Afores are subdivided into four subaccounts:
*Retirement, Old Age and Unemployment
*Voluntary contributions
*Living place
*Additional or complementary contributions
Under this context, with the dues and contributions of the workers, the Afores, according to the official website of the Mexican government, carry out, among other things, the following:
*Individual accounts are opened at the request of workers.
*They receive the fees and contributions that workers, employers and the government give them and deposit them in individual accounts.
*They receive and record voluntary contributions from workers and, where appropriate, from employers.
*Manage and invest retirement savings through Siefores to obtain returns.
*They record in the individual account the returns generated by the worker’s retirement savings.
Now, according to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), there are different generations of Afore and they are the following:
*Afore Generation: if the employee began contributing to the IMSS as of July 1, 1997.
*Transition Generation: if the worker started contributing before July 1, 1997 and is currently contributing to the IMSS.
*Mixed IMSS-ISSSTE: if the collaborator has contributed or currently contributes for the IMSS and ISSSTE.
*Transitional Tenth: if the employee has contributed to the ISSSTE since before April 1, 2007 or did not choose the type of regime.
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