“During 2024, work will be done on modernizing the system for better integration of the three central components of the pension system: the pension for the well-being of older adults, the employment-linked or contributory pension, and voluntary savings,” said the government in the Income Law Initiative of the Federation (ILIF) and the General Criteria for Economic Policy (CGPE) 2024.
To achieve this, the government will work hand in hand with the National Commission of the Retirement Savings System (Consar), the National Insurance and Surety Commission (CNSF), the Mexican Social Security Institute (IMSS) and the Institute of Security and Social Services of State Workers (ISSSTE).
In the economic package proposal, the federal administration recognizes that spending on pensions will be a challenge in the following years, since in 2023 the population over 65 years of age was 8.2% of the total Mexican population, but in 2050 it is expected that this percentage doubles, to 17%.
This seeks to increase coverage and offer more decent pensions for Mexican workers.
“In addition to the above, work will be done on financial education to promote adequate decision-making among workers; explaining the benefits that the SAR and voluntary savings have to increase the amount of the pension,” the project notes.
However, the Economic Package does not mention details about this reform, nor the deadlines or requirements to carry it out.