On July 22, 2020, Mexico's federal government announced
through the Ministry of Finance the "Strengthening the
Retirement Pension System," a program supported by the
Business Coordinating Council (BCC) and Mexico's Workers
Confederation (MWC), the employers' and workers' largest
unions, respectively.
The program will be offered as a proposed amendment to modify
several provisions of the Political Constitution of the Mexican
United States, the Social Security Law and the Retirement Savings
Systems Law, regarding the granting and payment of retirement
pensions. The most important provisions of the proposal would:
- Increase the employer's contribution from 5.15% to 13.87%.
This increase will be gradual over an eight-year period and will be
reflected in the employer-worker contributions.
