Mexico: Mexico Providing Simplified Social Security Installment Plans for COVID-19

Submitted by siha on Fri, 07/10/2020 - 15:21
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Orbitax News (10.07.2020) Mexico's Social Security Institute has announced a simplified installment plan scheme for employers facing difficulties in paying their social security contributions due to COVID-19. Under the scheme, employers may make up to 48 monthly installments, subject to monthly interest as follows:

  • up to 12 months - 1.26% interest
  • 12 months to 24 months - 1.53% interest
  • 24 months to 48 months - 1.82% interest

To be eligible, at least 20% of employer contributions and 100% of employee contributions must be paid.

measures summary

Simplified instalmement plan scheme for employers facing difficulties in paying their social security contributions due to Covid-19. Under the scheme, employers may make up to 48 monthly instalments, subject to monthly interest from 1.26% to 1.82% depending on the duration of instalments. To be eligible, at least 20% of employer contributions and 100% of employee contributions must be paid.

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