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National
Against the patrimony of the workers
Afore
By: Carlos Damián September 12, 2010
Tools of the capitalistic system against the pensions of the workers
México.- Recent Reports of the National Commission of the Saving System for the Retire (Consar) reveal the injustice and the categorical failure that they have been detached of the application of the outstanding pensions model and retired off, based on retirement accounts individualized under the administration of private financial companies: the fund administrative for the retire (Afore). These pensions were taken charge the State through the IMSS but now go it to make financial private companies, non-capitalized to the IMSS, that it is what is proposed the federal government.

It must be indicated that this loss is produced in spite of the fact that in the first month of this year was registered, according to data of the own Consar, the greater resources win in the pension funds from April of 2008, some 866.67 million of dollars. What is mean, in spite of the fact that the workers by and large provided more money to their retirement accounts, the global amount of the same accused a decrease in the wake of the speculative sway to the fact that those resources are submitted by the administratives.

A billion 866.67 million are invested in debt instrument The resources of the workers in hands of the Afore have lost 293.33 million of dollars, according to Consar. The wastage was attributed to the instability of the international stock markets. They - Afore - closed January with a monthly yield joint of hardly 0.09 percent, that in terms by year period equals to a yield of 1.12 percent, less than a fourth part of the inflation index projected by the government for this year of 4.7 to 5.2 percent.

Historically it Afore, them by means of the Investment Societies specialized in funds for the retirement (Siefores) have had a setback 4 and 5, for persons until of 36 years old, whose monthly yields were - 0.17 and - 0.32 percent respectively. They have invested their money largely in debt instruments mainly governmental (Cetes, Bondes, bonds of the IPAB), the one which closed January with a participation of almost 67 percent, followed by the corporative papers investment with 16.6 percent and international debt with 4.1 percent. The total position in the international and local stock market ended January with a representation by and large of almost 13 percent of the total of assets in custody. In this way, they –Afore- ended with a total position in variable revenue of 973.33 million of dollars, amount that represents a reduction of 1.6 percent compared with 9906.67 million registered to the close of 2009.

The average yield of the administratives was of hardly 0.09 percent monthly
With similar evidence of lack of responsibility, sensibility and vision on the part of the commissioned financial companies with administering the funds of the workers - we pay the highest commissions of the world - , the authorities must undertake review and adjustment processes of the current jubilations and pensions system. When we recall that this model was imposed by the ex president Ernesto Zedillo, in the middle of the euphoria technocratic for the dismantlement of the state functions and by the movement of these to private company hands.

Afterwards in March of 2007, the government of Mr. Calderon negotiated the application of a similar regime for the managing of retirement accounts of the workers of the State -calling law of the ISSSTE -, the one which was endorsed with the support of the political alliance current ruler. In reality this pensions system has had more decreases than high, and to judge by the cold data has not been complied with the objective of "to provide to the citizenship an efficient pensions system and financially sustainable, that guarantee of transparent and just way the grant of a pension for the workers to the moment of their retire", motto of the government of ex president Ernesto Zedillo.

However it has created with the conversion of the workers money in speculation instruments in the stock exchange market, an opportunity of a great business for the them, calling Afore: these companies do not invest neither risk own resources, and them register great earnings in their favor such operations. If lose is blame of the workers - socialize the losses - but if earn yields - are privatized the earnings -. In summarized counts this pensions system reflects the implications of the neoliberal economic program, which support and defend the clipping indiscriminate of the imperious of the public sector and the income generation for the private sector, and in this case the financier.

Before this offensive of the federal government with Coparmex made a pact to harm the working - and of the hatred of social class -, in against of the money of the workers and their families, is made more manifesto the need of amending the current deviations in the outstanding pensions model and to find a formulation than guarantee to the population the access to a retirement deigns, without this implicates to put on risk the patrimony in the workers in Mexico. (La Jornada, economia, p.p. 2- 21, February 21, 2010).