2020 report (Spanish) prepared by Lockton Mexico.
Subscribe to: Nothing in this publication should be construed as legal advice. OECD Review of Pension Systems in Mexico (PDF)News release English | SpanishHighlights English | Spanish (PDF)Main findings Documents and linksOECD Pensions OutlookOECD Business and Finance OutlookOECD Pensions at a GlanceMortality Assumptions and Longevity RiskPension Markets in FocusOECD Review of Pension Systems in IrelandDownload the pdf English | Spanish Related DocumentsFollow us (Social Media):. 5% of pensionable salaries, divided as follows:Mexican pension contribution rates are some of the lowest in the world. The reform is very likely to be approved by the Mexican Congress as it enjoys full support from political parties, unions and business associations.

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Click here for a Dec. The proposal also states that the pension system should be reviewed every 10 years and changed if needed to ensure continuous performance. Currently, the pension scheme is comprised of a monthly contribution of 6. The reform would Get More Information the following changes:Given the current economic uncertainty caused by the COVID-19 pandemic, a two-year grace period will be given to employers during which employer contributions will not increase.

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The Mexican government and key private sector groups (employer and employee representatives) have reached an agreement to reform the AFORE (Admistradoras de Fondos para el Retiro) defined contribution system that would, among other things, increase employer retirement contributions and shorten employees required insured employment period. The proposal aims to align Mexico’s pension contribution rates with international standards and is expected to benefit more than 20 million employees, allowing more workers in the formal sector to have access to a pension. Employers should monitor the implementation timeline of the proposal and ensure compliance. Lockton Global BenefitsUpdate: On 16 December 2020, the Mexican government passed amendments to the social security and retirement savings systems laws.

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The new pension reform is effective as of 1 January 2021. read more Lockton may go to this website be considered your legal counsel, and communications with attorneys in Lockton’s Global Benefits practice are not privileged under the attorney-client privilege. The proposed reform is expected to be approved by Congress by early 2021. Launch in Mexico City15 October 2015 – This review was launched at an event in Mexico City in the presence of Minister Luis Videgaray Caso, Ministry of Finance and Public Credit, OECD Secretary-General Angel Gurra and Carlos Ramirez Fuentes, President of CONSAR (National Commission for the Pension System). .

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