mexico

How Mexico’s reformed pension system is improving workers’ retirement security

Submitted by pmassetti on
Benefits Canada.com (15.11.2024) Earlier this year, Mexico’s senate approved the creation of a new pension fund to help provide more retirement security for low-income citizens. “Congress approved this change to the pension system, which basically established a new welfare pension fund,” says Pedro Trejo, retirement director at WTW Mexico. “The fund was created to help employees with their retirement savings and the general population that’s involved in the social security system will get the benefit. That means more than 80 per cent of the population in Mexico could benefit from this reform.”
Regions / Country
mexico
Topics
Pensions
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Mexico: Government begins work to promote initiative on app workers

Submitted by pmassetti on
AméricaEconomía (14.10.2024) The President of Mexico, Claudia Sheinbaum, established in her 59th commitment to promote a reform to the Federal Labor Law (LFT) to provide social security to workers through a digital platform, so the Ministry of Labor and Social Welfare (STPS) began meetings with workers in this sector in order to advance the content of the proposal. The agency headed by Marath Bolaños called this week the groups of digital platform workers to a meeting to present the proposal, which should be ready this month. “Commitments 59.
Regions / Country
mexico
Topics
Platform workers
Digital plateform workers
Document Type

Mexico: Social program "Bienestar" advances payments for 9 million vulnerable people

Submitted by mmarquez on

Government of Mexico (27.02.2021) The advance payment as part of the "Bienestar" (Well-being in English) of the March-April and May-June two-month periods will be delivered to more than nine million elderly people, people with permanent disabilities, as well as girls, boys, children of working mothers, for a global amount of 49 thousand 500 million pesos. In addition, the benefits increased to 2,700 pesos this year.

Regions / Country
mexico
Global challenges
Topics
Cash transfers

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Mexico: Reforms to the Mandatory Account Individual Account Program

Submitted by mmarquez on

Social Security Association (25.02.2021) On January 1, Mexico's government implemented reforms to the country's mandatory individual account pension program that include increasing employer contributions, adjusting government contributions, reducing the minimum contributions required for an old-age pension, boosting the guaranteed minimum pension, and capping administrative fees. The government finalized the changes on December 16, 2020, after reaching a reform agreement with Mexico's largest private-sector employer and trade union associations in July 2020.

Regions / Country
mexico
Topics
Old-age pensions
Pensions
Document Type

Mexico: Unemployment insurance, a necessary response in Mexico

Submitted by mmarquez on

El Economista México (08.12.2020). Granting unemployment insurance to the Mexican population, given the conditions that are experienced by the health and economic crisis of Covid-19, is one of the necessary responses for an economy such as that of our country, said Gerardo Esquivel, deputy governor of the Bank of Mexico (Banxico). As of now, there is no federal unemployment social insurance. Only Mexico City counts with a tax-funded unemployment benefit granted for up to two months.

Regions / Country
mexico
Global challenges

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Mexico: The State of Mexico provides one-time cash benefit to unemployed due to COVID-19

Submitted by mmarquez on

politica.expansion.mx (10.07.2020) A one-time cash benefit of 3,000 pesos is intended for people 18 years of age and older who live in the State of Mexico (Edomex) and who during the last four months lost their formal or informal employment, due to the health emergency caused by the COVID-19 pandemic. The cash support will be delivered in two monthly installments, each of 1,500 pesos. Informal workers will need to sign a declaration under oath of saying the truth about having lost their (informal) employment due COVID-19 situation.

Regions / Country
latin america
mexico
Global challenges
Topics
Unemployment
Extension of coverage
Difficult-to-cover groups

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Mexico:The IMSS simplified the process to give social security to domestic workers

Submitted by mmarquez on

Infobae (24.11.2020) The Mexican Social Security Institute (IMSS) presented the second phase of the pilot test for the affiliation of Household Workers, through which the payment process carried out by the employer is simplified and automated . This provides continuity and simplifies the operation of the pilot test, benefiting 2.4 million informal workers who carry out paid activities at home .

Regions / Country
mexico
Global challenges
Topics
E-services
Extension of coverage
Difficult-to-cover groups
Document Type