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Mexico's Self-Employed Confident in SAR
 The News
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January 29, 2010
Mexico City - The number of independent workers enrolled in the Retirement Savings System (SAR) doubled last year compared to 2008, despite an economic crisis that sent employment in many areas plunging, officials said Thursday.
Nearly 50,000 self-employed workers opened accounts in the SAR last year, according to data from the National Retirement Savings System Commission (Consar).
At December's end, there were 92,855 self-employed workers who, at the moment of registering for an Administrators of Retirement Funds program, or Afore, were not enrolled in neither Social Security (IMSS) nor the Government Workers Institute for Social Services and Security (ISSSTE).
Afores refer to private financial institutions, usually banks, that manage retirement and savings funds of workers most often affiliated with IMSS or ISSSTE.
In 2009, 47,231 SAR accounts were opened, doubling the 45,624 existing accounts in 2008.
November's year-on-year increase was 7.4 percent, when the number of SAR-registered self employed grew to 86,475.
At the end of 2009, self-employed workers made up only 0.2 percent of SAR's 39.40 million accounts.
People who are not enrolled in IMSS or ISSSTE are eligible to sign up for a retirement savings account by going to their preferred institution and opening an individual account to deposit from time to timae a desired amount.
Consar states on its website that most Afores do not set fixed minimums or maximums, but it's better to have something than nothing saved for your retirement.
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