LatinNews Daily - 16 June 2020

* Figures from Mexico’s Comisión Nacional del Sistema de Ahorro para el Retiro (Consar), the government agency which regulates pension fund managers known as ‘Afores’, and cited by national daily El Universal, show that a total of M$1.5bn (US$67m) from pension funds was withdrawn in May by those who had recently lost their jobs. An indication of the impact that the coronavirus (Covid-19) pandemic is having on employment, the figure represents a 40.1% increase on the same month in 2019. The right to withdraw pension funds after being made redundant can by claimed by workers once every five years, who then receive the funds 45 days after losing their jobs. According to an El Universal report, a total of M$6.6bn was withdrawn from Afores in the first five months of 2020 – the highest amount since records began in 2005 and up 47.8% on the same period in 2019.

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