How to know if my company is Affiliated to FONACOT: Fee, What is it and MORE

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FONACOT in Mexico is an important institution because it is in charge of to support the working class with financing for the acquisition of goods and services. It is essential that companies are affiliated with this governmental organization. Which leads many to wonder: How do I know if my company is affiliated with FONACOT?

Therefore, in this article we plan to answer this and many more questions that you surely have. Who is entitled to membership, market share and more. Do not miss it!

How do I know if my company is affiliated with FONACOT?

If you want to know if your company is affiliated with Fonacot, you can find out via the Internet and from wherever you are, without having to personally approach a public entity.

It is possible to check if your company is affiliated with Fonacot from its official website, an easy, simple and fairly fast way.

The first thing to do is enter the Fonacot website, look for the option that says “Company” and click on it.

On the left side of the screen, a menu column will appear with several options to choose from. You must select the option that says “Online Services”, which is inside a green box.

Next, the system will show you a series of options, among which you will have to click on the first one “Companies affiliated with Infonacot”. Once there you can see the main search engine of the website.

The next step will be to enter the corresponding data in the form. You will need to know the name of the workplace, the Mexican state where it is located and the municipality or delegation to which the company belongs.

How to know if my Company is Affiliated to FONACOT: Register it

Both consumers and producers want there to be stability in product prices. Various measures have been implemented to encourage the prices of raw materials to stabilize.

Among the options that exist for the agreements to impose production or export quotas you can find:

  • Long-term contracts are made between consumers and producers.
  • Markets are intervened, making purchases in large quantities and storing raw materials to reduce supply and drive prices up.
  • The association is constituted by means of an act where the regulatory statutes are established.
  • Denomination, fines that are proposed to be fulfilled, domicile, planned territorial scope of action, directive bodies and form of administration.

Market share

All Fonacot credits come with unemployment insurance, thanks to this for these cases Fonacot has two options to pay off the debt: the first option is the 70/30 plan, where the worker pays 70% of the debt and Fonacot contributes the remaining 30%.

The second option is the 20/20/20 plan, where 20% of the debt is paid and the remaining 80%, it is paid with a term of 20 months, discounting a monthly payment of 20%.

In the same way, it is possible to differentiate between different markets, thus, we can distinguish based on a geographical variable, differentiating between the entrepreneurs of a city, region, country, continent or speaking of the world market.

Regarding the administrative or it can be differentiated based on other variables:

  1. Age
  2. Social class

However, the more specific the market segment we are referring to, the more difficult it will be to obtain data; the proportion of total sales in a geographic area

It is information that any company can have available shortly:

  1. In contrast, sales to people over 65 cannot be calculated without investigation.
  2. The importance given to this indicator depends on the business culture of each country.
  3. In the European and Latin American sphere, its respective profit or profit rate can be used as a measure of the proper functioning of a company.
  4. In Mexico, market share is usually analyzed in more detail.

Mexican companies dedicate large sums of money to obtain greater market shares, setting long-term objectives instead of trying to maximize their profits immediately.

Who has the right to join FONACOT?

All credits granted by the National Consumer Fund They are aimed at all those Mexicans who are currently working and receive a monthly salary but cannot obtain a bank loan because they do not have all the requirements requested by financial entities.

Because it is a government institution, the National Consumption Fund for Workers is known to have the lowest interest rates, in addition to offering much easier for the applicant to process it.

This is how Fonacot becomes the greatest credit opportunity for all those Mexicans who do not have a credit history.

What if I work for a company that is not affiliated?

For some years now, it has been mandatory for all companies and employers to join the Fonacot system. However, many of them have not yet done so, which prevents their workers from being able to enjoy the benefits of Fonacot.

Many of these companies may not be aware that joining Fonacot is mandatory, so the institution has begun to pressure them to do so.

When a company is not affiliated with FONACOT, it could be subject to fines that go up to 10 times the current general minimum wage at that time for each worker not registered.

According to the Federal Labor Law in its article 1002, it is established that in case of violations of this law, the offender will be imposed a fine equivalent to 50 or 5000 times the general minimum wage.

How do you get the company where you are working to become a member of FONACOT?

The first option for the companies where you work to join FONACOT It is through the official website of the institution and look for the Lada 800 option. Then indicate the company data such as: Company name or commercial name, name of the person in charge of human resources, telephone, email, and company address.

The second option to join is by phone, by contacting the Fonacot staff in your area and indicating the company’s details.

What is FONACOT?

The National Fund for Workers’ Consumption or mostly known as Fonacot is an institution created in the seventies with the aim of providing support and helping the worker to obtain goods and services.

FONACOT makes available to the worker various options so that he can count and exercise his credit, such as to buy in an affiliated establishment, cash or simply use the credit card. This entity also has one of the lowest interest rates in this market.

All companies are required to register with the institution in order to offer their workers certain benefits when applying for a loan.

Basically, we can conclude this article by clarifying that the objective of this procedure is to guarantee an adequate and cheap service to consumers.

The concessionaire company at the same time, has to be benefited. Part of which can be reinvested in the public service offered. Regulatory systems differ from country to country. This often causes uncontrolled price rises. For its part, overproduction can cause a major economic crisis, as prices fall and despite this they are not sold enough. This is known as deflation.

Thanks for reading!

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