Prospective Study of the Pension System in Mexico: AFORES in the Human Rights, Model of Guaranteeism, and Vital Minimum

The individual account pension plan will soon recognize those beneficiaries about to receive their pension under this scheme. The 1997 Social Security Law has incorporated strict requirements to the pension plan; therefore, the possibility to obtain a retirement through an individual account is complicated for the employee. The pension will not necessarily guarantee the quality of life given that the retirement funds have been accumulated based on contribution rates and voluntary savings but not on the monthly average of the contribution base wage, which are funds affected by negative yields. The objective of this study is to analyze the AFORES classification SB2 and the performance invested in the SIEFORES to quantify the value of the pension. It applies the hemerographic-legislative technique in the model of the guaranteeism and the principle of the minimum vital in the framework of the human rights, and a quantitative study of time series. It is concluded that individual account system pensions will not guarantee the quality of life of individual account holders.


Introduction
Social security and pension plans have long been an instrument to reach wellbeing horizons during the unproductive years of the population. Internationally, globalization has led to substantial changes and economic crises in the nations.
In some cases, it shows imbalance in the distribution of employment, rising in-Modern Economy cial security (AFORES). It continues with a review financial-theoretical investment instrument and the institutions to manage the resources (SIEFORES). After it explains the methodology that was developed in the study to shed the analysis of the results (SB2), and finally makes a discussion and provisional assessment in which one identifies the contribution and limitation of this article.

Pension Plan Constitutional Framework
Mexico is a country that maintains the precepts of social security since the enactment of the 1917 Constitution. These principles were reinforced [3] by the passing of the Civilian Pension Law 5 , which included "the protection of health, loans, and old-age, disability, and survivor pensions" 6 , and further strengthened by the promulgation of the Social Security Law in 1943 [4]. The creation of the Mexican Social Security Institute (Instituto Mexicano del Seguro Social, IMSS) institutionalized social security given that it became a mechanism to provide social security to employees working in both the private sector and autonomous entities of the federal government. Once the law was passed, social security "became a matter of State policy" 7 [5]. Social security consists of the rights to health, medical assistance, livelihood protection, and welfare services needed for individual and collective wellbeing, besides granting an old age pension guaranteed by the State.
Four decades ago, the defined benefit pension plan (1973 Social Security Law [6]) 8 was established. It provides a lifelong pension plan at the end of the productive years of the beneficiary that is inherent to peace and financial security in old age. The defined benefit scheme includes legal compliance requirements as the obligation of employees to have at least 500 weeks of contribution before the IMSS and be aged 65 9 . The basis of the pension plan is created by the monthly average of the last five years of contribution base wage reported to IMSS. This pension system still provides people who registered at IMSS before June 30, 1997, with the chance to obtain a defined benefit and lifelong pension plan for old age determined by the five-year average of their contribution base wage. The situation of those beneficiaries registered from July 1 st , 1997, is entirely different due to the reforms implemented in disability, life, severance, and survivor insurance of the pension plan.
Along with the validity of the 1995 Social Security Law 10 , the government created a scheme in which the employees have an individual account of defined 5 According to Treasury Secretary Pany (1926, La política hacendaria y la revolución) the beneficiaries of this law were those responsible for a civil servant position who were not military. Recipients were also teachers and those providing services as craftsmen, operators, or help, with the exception of deputies and senators (Article 3). The higher command of the administrative and judiciary powers and any other public official legally immovable were not subject to this law (Article 4). 6 Centro de Investigación Económica Presupuestaria (2017) p. 3. 7 Farfán, p. 186. 8 Third section (Articles 137 to 142) and fourth section (Articles 143-148), Diario Oficial de la Federación, (12/03/1973). Abrogated 1973-1994. 9 Article 138. Right to enjoyment of benefits from old age insurance. 10 1995 Social Security Law went into effect throughout Mexico on July 1 st , 1997.  [7] in the finance system administered by a Retirement Funds Administrator (Administradora de Fondos para el Retiro, AFORE). The account integrates the employee and the employer's social security contributions as well as those from the State 11 in addition to the yields generated [3]. Also, together with voluntary savings [1], the beneficiary could receive an old age pension after turning 65, providing the existence of 1250 weeks of contribution to IMSS. In this scenario, it is apparently unclear how an individual account system, as opposed to a defined benefit scheme, can guarantee the employees' lifestyle according to their contribution base wage when the defined benefit scheme provides an old age pension guaranteed by the State that is granted according to the registered contribution base wage. On the contrary, the individual accounts plan only considers the amount of contributions and, if applicable, the employees' voluntary savings, which is probably bound to a savings system of an insurance company.
Besides the contribution base wage, the weeks of contribution represent a factor that influences the granting of an old age pension, there is a substantial difference between the 500 weeks of contribution required by the 1973 Social Security Law and the 1250 weeks of contribution in the 1995 Social Security Law, which are variable according to employment. If the workers have a stable job for 25 years, they coerce to obtain the weeks of contribution established by the new law. Considering the current scenario of the pension system, The Organization for Economic Co-operation and Development [8] has stated that the beneficiary "who was registered a month before the introduction of the new pension system will be granted higher pensionary benefits than those that an individual who was registered a month after will receive" 12 .
The key question in this analysis is whether the contributions by employees,

Human Rights, Model of Guaranteeism, and Vital Minimum
According to Karl Loewenstein [9], human rights must be based on "fundamental socioeconomic rights" 13  In this sense, [12] is right on legal universalism where human rights lie, limit the meaning of life and truth, and connote the equality of the person against natural rights. Then, in old age, as an involution process, it must be joined by human rights, incorporated to a lifelong pension. We must consider then whether at this stage of life human rights, and specifically social security, are no 14 Prado (2007) p. 62. 15 Prado (2007) p. 64. 16 Political Constitution of the United Mexican States (1917) Article 1, third paragraph: "All authorities, in their areas of competence, are obliged to promote, respect, protect, and guarantee human rights, in accordance with the principles of universality, interdependence, indivisibility, and progressiveness. As a consequence, the State must prevent, investigate, penalize, and rectify violations to human rights, according to the law." The third paragraph of Article 1 of the Political Constitution of the United Mexican States points out that, among other questions, all authorities, in their areas of competence, are obliged to promote, respect, protect, and guarantee human rights, in accordance with the principles of universality, interdependence, indivisibility, and progressiveness, which consist of: 1) universality: they are inherent to all and concern the international community in its entirety; in this way, they are inviolable, which does not mean they are absolute but protected because human dignity cannot be infringed since it is reasonable to think they are adapted to circumstances; therefore, by virtue of this flexibility, they are universal, given that their nature allows them to be with the person when adapting to contingencies, and to that regard, the Interamerican Court of Human Rights (Case "Mapiripan massacre vs Colombia) has stated that human rights treaties are living instruments whose evolving interpretation accompanies evolution in time and current living conditions and is in accordance with general rules of interpretation established in Article 29 of the American Convention on Human Rights and the Vienna Convention on the Law of Treaties; then, such rights, within their limits, are inalterable; that is, their core is essential and intangible and for that reason, the fundamental rule considers that not even in state of emergency are they "suspended"; in any case, they will always agree with the principles of international humanitarian law; 2) interdependence and indivisibility: that are related to one another, meaning they cannot be separated nor are they more important than others; they must be interpreted and taken as a whole, not as isolated elements. All human rights and fundamental freedoms are indivisible and interdependent; equal attention and urgent consideration must be given to the application, promotion, and protection of civil, political, economic, social, and cultural rights; that is, complement, potentiate or reciprocally reinforce them; and 3) progressiveness: it constitutes the compromise of States to adopt providences, both internally and through international cooperation, especially when it is economic and technical, to achieve the progressive and plain effectivity of the rights derived from economic, social, educational, scientific, and cultural standards; this principle cannot be understood if governments do not have the immediate obligation to achieve the entire realization of these rights; on the contrary, they are understood in the possibility of moving forward gradually and constantly towards the most complete realization, within their material resources, and thus this principle demands that, as the development of a State improves, the level of compromise to guarantee economic, social, and cultural rights must also improve." 18 Previous analyses of fundamental rights in the history of Mexican constitutional texts clearly refer to the protection of the Constitution and human rights. longer effective. The 2 nd CXXVII/2015 Unsettled Case Law of the Second Courtroom clarifies, based on the principle of progressiveness, the demand that "all authorities of the Mexican State, within their competences, increase the degree of protection in the promotion, respect, protection, and guarantee of human rights and also, by virtue of its non-regressivity expression, prevents them from implementing measures that, without any constitutional justification, reduce the level of protection to human rights of those who are subject to the legal system of the Mexican State" 19 .
On the other hand, Ferrajoli refers to guaranteeism and in it conceptualizes the model in three different aspects. From the rule of Law, he considers [13] the model as a legal theory that establishes the State with the recognition of rights.
In this context, the State is in charge of the protection and guaranty of the citizens' natural (vital) rights. The author states that "individuals and their rights, needs, and interests, in that they are previous and represent a priority, are natural", consequently, the State "is only legitimized as long as it aims to protect those rights and individual assets" 20 . "In summary, in its substantial dimension, it is a condition of validity ensured by the observation of fundamental rights" 21 , social right that must satisfy or maintain freedom rights.
One of the most significant contributions to social rights is described 22 who says [14] these rights are fulfilled when a "state organization" imposes them; in addition, they "need social support". These social rights have three objectives: respect, protection, and compliance. The author explains that respect means the State "must refrain from doing anything that violates the integrity of individuals, […] or risks their freedom or rights". The State has the moral duty to protect rights as well as "implementing measures to prevent other agents from violating social rights" and the obligation of complying since it must take action so that persons "have the opportunity to enjoy their rights when they cannot do it by themselves" 23 . The principle of progressiveness that rules in matter of human rights involves both graduality and progress. Graduality refers to the fact that effectiveness of human rights is not generally achieved immediately but carries a whole process that implies defining short-, mid-, and long-term goals. For its part, progress implies the enjoyment of rights must always be improved. In that sense, the principle of progressiveness of human rights is related not only with the prohibition of regressivity of enjoying fundamental rights but also with the positive obligation of promoting them progressively and gradually given that, as the Permanent Constituent pointed out, the Mexican State has the constitutional mandate to make all changes and transformations needed in the economic, social, political, and cultural structure of the country to guarantee that all people can enjoy their human rights. Therefore, the alluded principle demands that all authorities of the Mexican State, within their competences, increase the degree of protection in the promotion, respect, protection, and guaranty of human rights and also prevents them, by virtue of its expression of non-regressivity, from adopting measures that, without any constitutional justification, reduce the level of protection of human rights of those who are subject to the legal system of the Mexican State." 20 Gascón (2001) p. 198. 21 Gascón (2001) p. 201. 22 Carbonell (2004) p. 780. 23 Carbonell (2004)  the enjoyment of the vital minimum is a presupposition without which the core of our constitutional order becomes meaningless. Then, the intersection between 24 González (1968) p. 199. 25 Articles 82, 83, and 84 of the Labor Law describe that a salary is the retribution that an employer must pay the employee for work and can be fixed by time or job units, commission, fixed price, or any other way, in addition to other benefits derived from the work relationship, including the employee's participation in the profits of the companies. Salary is composed of cash payments by daily quote, gratifications, perceptions, housing, bonuses, commissions, benefits in kind, and any other amount or benefit that the employee receives for work. 26 Morales (2008) p. 135. 27 Article 27. Contribution base wage is composed of cash payments for daily quote, gratifications, perceptions, diet, housing, bonuses, commissions, benefits in kind, and any other amount or benefit delivered to the employee for work", excluding "additional contributions the employer agrees to grant in favor of employees as contributions to retirement insurance, old age severance, and old age. 28 Article 1. In the United Mexican States all persons will enjoy human rights acknowledged in this Constitution and international treaties of which the Mexican State is part, as well as guarantees for their protection. 29 Article 25. Leadership of national development that allows for the complete exercise of freedom and dignity of individuals, groups, and social classes whose security is protected by this Constitution.
State power and the fundamental rights and freedom structure consists of the determination of a minimum, dignified, and autonomous livelihood that is constitutionally protected. This parameter creates the content of the law of vital minimum, which in turn, agrees with competences, basic conditions, and social benefits necessary for the person to lead a life free of fear and the burden of misery. Then, the law of the vital minimum includes all unavoidable positive or negative measures to prevent the people from having their inherent value as human beings unconstitutionally reduced only because they lack the material conditions that allow for a dignified livelihood. Therefore, this law seeks to guarantee that people-core of the legal system-do not become an instrument for other ends, objectives, purposes, goods, or interests, regardless their importance or value."

The Doctrinal Structure of Social Security
Social security 30 guarantees Mexicans the right to a pension plan at old age.
From this perspective, the State as guarantor of human rights is required to respect, protect, and comply with this right. Social security is under the control of entities or public offices, whether local or federal, and decentralized bodies 31 .
The Social Insurance 32 is the instrument that IMSS uses, according to [5], as responsible for the organization and administration. Social Insurance consists of two contribution schemes 33 , one mandatory 34 and one voluntary 35 . The mandatory scheme is in charge of dealing with retirement and old age and old age severance. In this way [20], "Social Security provides its beneficiaries with a wide range of benefits in kind and cash" 36 . Benefits in kind include medical and pharmaceutical assistance, as well as prosthetics, orthopedics, rehabilitation, mortuary services, and daycare. Cash benefits are provided in money, based on the salary the employee is registered, also known as contribution base wage; both disability and pension payments are included in this benefit.
Insurance of old age severance is a category in which the beneficiary does not have paid work from age 60 and demands 1250 weeks of contribution to IMSS [21]. This type of severance forces the Institute to grant a pension plan and benefits in kind (medical assistance, family allowances, and welfare aid). Those beneficiaries who have not completed the weeks of contribution but have reached 30 Article 2. It guarantees the right to health. 1995 Social Security Law. 31 Article 3. Social Security is under the control of public entities. 32 Article 4. Social Insurance is the basic instrument of social security. 33 Article 6. Schemes of Social security. 34 Article 11. Compulsory System of the Social Security Law includes insurance for 1. Sickness and maternity, 2. Daycare and social welfare, 3. Disability and life, 4. Retirement, old age severance and old age, and 5. Occupational risks. 35 Article 13. People can be voluntary subjects of insurance under the compulsory system. 1) employees in family industries and independent workers as professionals, small traders, artisans, and self-employed; 2) Domestic workers; 3) Ejido members, co-proprietors, settlers, and smallholders; 4) Employers of natural persons with insured workers under service; and 5) Workers at the service of public administrations of the Federation, states, and municipalities excluded or not included in other laws or decrees as subjects of social security. 36 IDC (2016) 37 . The author [22] addressed old age pension plans by saying they provide the beneficiaries aged 65 who have contributed with 1250 weeks with an individual account to enjoy an old age pension. To this end, beneficiaries can obtain an annuity from an insurance company or maintain the individual account balance in an AFORE, and then make programmed withdrawals 38 .
Employers are bound to report the amount of employee-employer contributions to the Institute, along with the State contribution to create the insurance for retirement, old age severance and old age. The fees are deposited in the individual account of each employee. As for retirement, the employer is in charge of covering an amount equal to 2% of the employee's contribution base wage. In the categories of old age severance and old age [3], the employer contributes

SIEFORES and Investment Instruments
This tripartite contribution is deposited bimonthly in the beneficiaries' individual accounts and those banking institutions through an AFORE, which is in charge of managing and investing savings in pension funds (Sociedades de In- Based on the investment scheme, SIEFOREs analyze the type of instruments to be used with the savings from AFOREs, which are invested in Government 37 Article 154 Old age severance when the insured loses paid work. 38 Article 157. Requisites to make use of the individual account. 39 Article 168. Fees and contributions. 40 National Commission for the Retirement Savings System (CONSAR) approves the following SIE-FOREs to invest the resources of the insured individual accounts: Profuturo, SURA, Banamex, Coppel, Pension ISSSTE, MetLife, Azteca, Principal, XXI Banorte, Inbursa, Invercap.  [28]. Their maturities are 3, 5, and 7 years and pay interests at periods similar to those of CETEs. The bond that pays monthly interests is known as BPAG28; the one paying quarterly interests is BPAG91; and the instrument paying interests every six months is BPA182.
National debt instruments are issued by companies or government by public or private offer [29]. A public offer is done via mass media as newspapers or newsletters of the Mexican Stock Exchange (Bolsa Mexicana de Valores, BMV).
A private offer is directed to a person or group of investors and remains unknown to the rest of the market. The author considers that these debt instruments are structured instruments, trust securities aimed for investment or financing of domestic activities or projects of one or more trading companies whose shares are traded on the stock market. Rodriguez points out that equity investments are carried out by public or private companies in capital stock.
These shares are traded in other national and international stock markets so that investors can decide to trade their securities in these investments.
They [30] consider that FIBRAs are securities issued by the trust dedicated to acquisition or construction of real estate within the country and income from lease of real estate. that "reforms to the social security system in Mexico, which allow for the placement of retirement funds in money market instruments, and reforms to the Investment Companies Law, which allow for fund operators to define their own private objectives and that promote foreign participation in fund commercialization, have resulted in a promising future for the investment fund market in that country." which we describe the cases when the Administrator operating the Investment Fund is forced to cover the losses charged to the special reserve of the Administrator, If the reserve is insufficient", the administrator will cover for the losses with its share capital 45 .

Study Methodology
The aim of this work is to analyze the contributions and yields that the AFORE-SIEFORE investment instruments have generated for individual SB2 accounts. We also seek to estimate the approximate monthly amount the individual account holder will receive once complying with the legal requirements of being aged 65 and having 1250 weeks of contribution at IMSS. This is an exploratory, descriptive, correlational, and cross-sectional study [32]  Following the approach suggested [34], the first stage of the study is a review of the contextual, theoretical, and hermeneutic information of the current pension system in Mexico and the one that will take effect, according to the ex- correspond to equidistant moments in time; for example T =  , (set of integers). In other words [28], a time series describes the random evolution of a variable in time [35]. The analysis of time series is a quantitative method used to detect patterns of change or permanence in the data collected across time. After the analysis of time series, we make projections of the patterns found to obtain an estimate for the future regardless the reason why it will occur.
In a stochastic process there are certain characteristics that describe its behavior: means, variances, and covariances. These characteristics vary across time given that they are functions in a time variable.
The mean in a stochastic process { } where t s is the smoothed value in time t, t Y is the value of the series in period t and α is the smoothing parameter. Holt's method is a more general case. It starts from a SES but under the assumption of having both trend and season-like components. Later, the component "damping" is added. For this case, the following model is assumed: We apply two SES with two parameters α and β, one is used to estimate the component of level l and the other to estimate the trend component b. From this, predictions can be made. For the purposes of this work, we must consider a damping factor ϕ that allows for the decrease in the effect of the trend to increase time, so that the trend becomes constant in the future. The factor ϕ acts in such a way that, instead of having the prediction t h it only increases h t b φ . Therefore, the prediction for time t h + will be ( ) where t l and t b are the values estimated by the method. While the exponential smoothing methods allow for predictions in the short term, Holt's method is a more elaborated tool that provides predictions in mid and long terms [36].
The next step is to determine whether Holt's model is appropriate to explain the behavior of the accumulated balance in the account statements issued by the AFORE. That is, we must verify that the model proposed is closer to the series observed; if so, the residuals behave like white noise. Residuals are defined as The series t e is analyzed to detect whether it exhibits an autocorrelated dy- pothesis; that is, we consider that the term of disturbance corresponding to an observation is independent from the one corresponding to any other observation. The Ljung-Box test allows us to determine whether the series t e is white noise [37].
To provide predictions and reports of results, we use R open-source software (The R Project for Statistical Computing), which is a set consisting of libraries and a programming language frequently used for the analysis of time series [38].
The final result is presented in two different ways: punctual prediction and confidence interval. The latter is a range of values calculated so that there is some certainty, an 80% or 95% of confidence that the real value of the predicted variable is within such range. We analyze the investment instruments and permitted asset operations of an SB2 beneficiary [39]. The data were recovered from the accumulated 4-month account statements going back five years. These documents were issued by XXI Banorte AFORE, which classifies weighted investment instruments in five cate-

Analysis Results
We examined the final balances in the account statements of 15 4- composed of employer, employee, and State contributions as well as yields generated by the accumulated resource invested in SIEFOREs. Indeed, both contributions and yields are affected by the amount of commissions; that is, the charges the AFORE makes for the administration of the resources.
The series with historical 4-month data of XXI Banorte AFORE is shown in Figure 1. that the yield of this period ($11,608.69) did not exist given the loss of investment shown in Figure 1. Nevertheless, even if the graph shows a trend of benefit, there is a negative yield again in the second period of 2016. The stagnation of the accumulated balance is evident in the next balance, showing the yield and linear growth of the accumulated resource by the first period of 2017. We were unable to identify the type of instrument in which XXI Banorte SIEFORE invested the financial resource since we discovered that the fund denied the information to the account holder after it was requested. Therefore, the analysis of independent variables globally influences this study.
We propose a Holt's model to calculate the resources the account holder will receive at the moment of retirement, based on the accumulated balance in the account statements issued by the AFORE integrating the employee, employer, and State contributions as well as the yield generated by investments of SIEFORE.
We analyzed the residuals, as shown in Figure 2. The residual plot shows a purely random behavior, so the model captures the most relevant characteristics observed in the data; that is, the accumulated balance of the contributions by the employee, the employer, and the State, together with the yields generated minus the financial expense. This proved the chosen model provides a mathematical object that describes the behavior of the data shown in Table 2; from this, a prediction can be made. When examining the autocorrelation plots (Figure 3), we obtained a first analysis in which value p does not reject the null hypothesis (white noise).  After identifying the residuals behave as white noise, we adjusted the data using a Holt's model dampened with exponential trend. The model is given as shown below.
Following Holt's method described in the methodology, we made an adjustment ( Figure 4). We used R project software to adjust the parameters α, β, and ϕ of Holt's method.
In Figure 5, presented below, we observe the degree of adjustment corresponding to the predicted values (final balances integrated with employee and employer contributions together with yields) with the model and the values observed for the final balances in Table 3 with a confidence level between 80 and 95%.
The prediction of employee, employer, and State contributions and yields in the period of time analyzed is given in Table 3.

Discussion and Provisional Evaluation
Finding the data of the SB2 account evidences the unsatisfactory behavior of yields because the SIEFORE had probably invested, up to the date of the study, in high-risk investment instruments, so that they could not provide positive yields to improve savings. It is worth mentioning that the account holder asked the SIEFORE which investment instruments, terms, and rates had been used to invest the savings; however, the information was denied, violating the holder's right "as long as it is done in a written way, peacefully and respectfully", according to the Constitution Article 8 [40]. In this sense, savings in AFOREs are vulnerable to economic behaviors, which makes the holder susceptible to variables out of his or her control. In addition, the account holder did not approve the way in which the savings were invested using financial instruments.
The Social Security Law in effect from July 1 st , 1997 institutes strict requirements to the pension system, so the possibility to obtain a retirement plan by individual account is complicated. In fifteen years, the holder of the SB2 individual account will fulfill the first requisite to be candidate to a lifelong pension: 1250 weeks of contribution, in case of having a stable source of work. The first limitation the individual account pension system has is the small probability of making contributions to the Social Security, since there is a high uncertainty around employment in Mexico, to a certain degree; the State must promote economic development (Article 25). The current pension system does not provide employment that adjusts to a social security system because employers refuse to hire employees under legal, long, and lasting conditions (Article 123). In fact, the employment reform carried out in 2012 inhibits the growth of formal employment and promotes temporary, hourly, or reduced-schedule employment.
If an employee contributed with 1250 weeks, then he or she would obtain the minimum guaranteed pension. If the employee had chosen a voluntary-savings scheme, then he or she would be able to obtain a higher pension, which is complicatedly given that salaries are increasingly low. In most of the cases, salaries are not enough to provide for the basic needs. Therefore, the culture of saving is not promoted. In addition, those beneficiaries who manage to fulfill the legal requisites are not given a guarantee of life quality because their retirement funds have been accumulated based on contribution rates and voluntary saving and not on contribution base wage, as the old scheme had. Hence, we understand why the human development index in Mexico is the lowest when compared against the other countries.
The individual accounts pension system might only satisfy those who manage to save using their own resources. It has been proven that the amount of employee, employer, and State contributions together with yields accumulated at the date of granting is insufficient. In consequence, the monthly instalment of the pension is insufficient as well. Then, the monthly instalment of an SB2 account holder would receive as old age pension is the minimum guaranteed equivalent to a monthly wage, which currently is $2433.21 MX. By the year 2032, the holder will receive $4062.87 MX monthly. For the SB2 AFORE account holder whose contribution base wage is $48,640.60 MX in comparison with other wages, the monthly instalment to get would probably be insufficient to guarantee a decent life, including education, personal security, income and wealth, social, recreational and sport activities, health, environmental quality, housing, and civil compromises (Articles 1, 3, 4, 6, 13, 25, and 27). The holder of an SB2 AFORE individual account is not only financing a rigorous pension system but he or she is also doing so with the current pension system through the manda-tory contributions to public expense (Article 31, Section IV). In summary, the prospective study of the current pension system, based on individual accounts, clearly violates human rights and social security. The State, guarantor of fundamental rights, must promote, respect, protect, and guarantee human rights according to the principles of universality, interdependence, indivisibility, and progressiveness since it is co-responsible for the development of individuals. The combination of State power and fundamental rights and freedoms determine a decent livelihood and the right to the vital minimum, a principle protected not only by the Constitution but also by international standards.
The main contribution of the study is that the new generations will not enjoy a pension to originate by a pension system supported by a government via public expenditure. The pension that a citizen will enjoy at the time of the old age is the one that obtains of its own savings; of an income that already tax payment, and that these savings will and must be sufficient to live dignity. Another way, it will be generating a new class of poverty. The limitation of the study exhorts to analyze other cases with financial treatment beneficiary with individual account AFORE SB3 or individual account AFORE SB4, and another SIEFORE that offers attractive yields rates and lower commissions. This motivates to extend the stages and to supplement the study.