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 year, the Finance Ministry said on Wednesday.
FILE PHOTO: Mexico's Finance Minister Arturo Herrera speaks during the presentation of the national financial inclusion policy, in the Interactive Museum of Economics in Mexico City, Mexico March 11, 2020. REUTERS/Luisa Gonzalez
Under the plan, a rare display of unity between the government of Lopez Obrador and big business, total contributions will rise to 15% of salary from 6.5% over eight years, and employer contributions to 13.87% from 5.15%. “When we identified the problem, the question was who will contribute the most? Will it be the worker, the state or the employer? ... On this occasion employers offered to absorb all the increase in contributions,” said Noriega.
The goal is to move pension benefits much closer to the salaries workers earn just before they retire, he said.
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