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Further investments and failed operations in Ipejal

Ipejal’s technical reserve is clearly in crisis due to the mismanagement of its directors. Let’s see. While Ipejal’s technical reserve recorded an average annual growth of 10.02% during the period 2007 to 2014; for the period covered, from 2015 to 2021, this average annual growth barely reached 5.9%. 41.1% less. So there is evidence that the chaotic financial situation recorded in the Pensions Institute, precisely in recent years.

As various media outlets have already reported, the loans Ipejal offers to its affiliates are becoming more expensive, due to their very high interest rates, which far surpass those offered by the commercial banks themselves. As a result, its affiliates, beneficiaries and pensioners are far less likely to go to the Institute to apply for some form of loan — which is reflected, of course, in the total amount of Ipejal’s technical reserve—. This is how, in 2012, the revenue from the Foundation’s “loans” to the bureaucrats in the service of the State accounted for 47% of its technical reserve; by 2021, these accounted for only 33.3% of their revenue. In other words, in just nine years, the “loans” did not take up 13.7% of the total amount of Ipejal’s technical reserve. The foregoing, against the backdrop of the harmful practices of Ipejal, which, for the past decade, has become the convenient lender for the construction of public works, is also clearly dubious, headed by the State Government of Jalisco, as happened to. the construction of the Panamericanas Villas (which, by the way, the banks refused to lend the corresponding money for its construction, considering it a “high – risk” work); and how, at present, it happens to the Labor Judicial City. Work that corresponds to the government, but is funded by money from the workers’ pension fund.

With regard to its technical reserve, it should be noted that the revenues left by Ipejal’s “real estate” show a similar situation, which shows that, despite their increasing volume each year, they are smaller and larger. less. profit for this decentralized public body — which, in the end, looks more like a Jalisco State Institute of Real Estate, Public Works and Failure Investment, than a pension institution for State – service bureaucrats—. So while these in 2014 represent 15% of Ipejal’s technical reserve; in 2021, they accounted for 10.6% of it, to record a 29% decrease in just eight years.

Worse still were Ipejal’s ‘red balances’ from November to December 2021, that is, in one month’s difference. In this way, and, in November 2021, Ipejal’s technical reserve amounted to 42 thousand 603 million pesos; by December 2021, it had dropped to 41 thousand 280 million pesos. In other words, in one month, Ipejal’s technical reserve recorded a loss of 1,323 million pesos! So Ipejal is preparing to become a huge financial problem, inspired by this six – year term, which will explode in the next. This is because during this same period, the largest decline in titles and securities was recorded, due to the failed investment strategy, given the irresponsible investment of more than a billion pesos in “mandates” in SMEs , the bag house.

To this end, add that Ipejal’s actuarial deficit, to date, is 260 billion pesos !, when only three years ago the deficit was 57 billion pesos. To measure the above, it should be noted that Ipejal ‘s current actuarial deficit is almost twice the total Jalisco State Expenditure Budget 2022.

Gabriel Torres-Espinoza

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