Unemployed? Your Afore might provide funds; learn how much and the requirements

Mexican workers facing unemployment may access funds from their Afore (Administradora de Fondos para el Retiro) retirement savings accounts. To qualify, individuals must be unemployed for at least 46 days and obtain certification from the Mexican Social Security Institute (IMSS).

The amount that can be withdrawn varies based on two modalities. Modalidad A allows for the withdrawal of 30 days of the worker's last base salary, capped at 10 times the general monthly minimum wage in Mexico City. For Modalidad B, the withdrawal is the lesser of 90 days of the worker's base salary over the last 250 weeks or 11.5% of the accumulated funds in the retirement sub-account.

To be eligible for Modalidad A, an individual must have had their Afore account for at least three years and have at least 12 contribution bimestrals. Modalidad B requires the account to have been open for five years or more. It is important to note that these partial withdrawals reduce the number of contribution weeks, potentially impacting future pensions. However, individuals can reinstate these weeks by repaying the withdrawn amounts.

The funds are typically disbursed within five business days of the request, either via check or direct deposit. Afore withdrawals for unemployment can only be processed once every five years. The entire process, from application to resolution, has a timeframe of 15 business days.