67 percent of all workers participating in the new integrated system. It also represents 60 percent of those who are active contributors. The AFJPs have earned very high real investment returns, offset by very high operating costs. Individual affiliates have so far earned negative real returns because of high commission charges. But in the long run, net returns are likely to be positive as assets accumulate and operating costs are better controlled.
Effective coverage is quite low.
Affiliates represent fewer than 60 percent of eligible workers and only about 40 percent of the labor force. Fewer than 30 percent of eligible workers and only about 20 percent of the labor force actively contribute. Because the new system is young, the number of beneficiaries is small, mostly recipients of survivorship and disability pensions. Market concentration is high, although lower than in Chile. Equity holdings' share has been rising, mainly at the expense of bank deposits.