Mexico City.- The Finance and Public Credit Commission of the Chamber of Deputies approved the initiative to reform the Social Security Act and the Retirement Savings Systems Act in order to reduce the weeks of reducing contributions and increase contributions for retirement. With 22 votes in favour and three abstentions from the parliamentary groups of the PRI and PRD, the Finance Commission of the Chamber of Deputies to the initiative promoted by President Andrés Manuel López Obrador to reform the pension systems in Mexico.
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Among the particularities envisaged in the opinion of the Finance Commission, the weeks of Social Security contribution to access pension fall from 1,250 to a thousand weeks of contribution, as well as the increase in contributions to individual afores accounts from 6.5% plus social share to 15% along with the share. It also states that the contributions made by workers are maintained, while the employer contribution goes from 5.15% to 13.87% itself which will be applied gradually from 2023 to 2030. For her part, the MEMBER of the PAN, Cecilia Patrón Laviada, voted in favour of the opinion seeking the increase in workers’ pensions and the decrease in contribution weeks.
