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Mexico reformed its pension system in 1997, transforming it from a pay as you go (PAYG), defined benefit (DB) scheme to a fully funded, private and mandatory defined contribution (DC) scheme. The reform was modeled after the pension reforms in Chile in the early 1980s, and was a result of recommendations from the World Bank .
The OECD recommends “harmonizing the rules for all pension plans, with the fundamental objective of establishing a national pension system that is the same for all Mexicans. [21] This harmonization must include pension plans for workers in the private and public sectors, as well as special regimes (for states, municipalities, and universities ...
A reform proposed by Mexican President Andres Manuel Lopez Obrador for retirees to have a pension equal to their final salary will come with a cap on monthly payments, according to a document sent ...
The IMSS was founded by Mexican President Manuel Ávila Camacho on January 19, 1943 to satisfy the legal precepts established in the Article 123 of the Mexican Constitution. It is constituted by representations of the workers, employers, and the federal government. It is the largest social welfare institution in all Latin America. [citation needed]
Since 1997, control of Mexico's pension system has been in the hands of private fund administrators, known as "afores," which as of October managed some 5.4 trillion pesos ($320 billion) - roughly ...
Since 1997, control of Mexico's pension system has been in the hands of private fund administrators, known as "afores," which at the end of March managed more than 6.1 trillion Mexican pesos ...
Retirement Funds Administrators (AFORE) (Spanish: Administradoras de Fondos para el Retiro) are companies authorized to manage Mexican individual retirement accounts as authorized by the Ministry of Finance and Public Credit of Mexico. They are structured as companies that manage these funds under strict regulations.
Mexican workers will get a major boost in their retirement benefits after the government and private sector ironed out the details of a pension reform that is expected to become law by early next ...