What is the pension?
When speaking of a pension, reference is made to an amount of money. The Mexican Institute of Social Security (IMSS) defines it as an economic benefit intended to protect the worker when an accident occurs at work, when suffering from a non-work-related illness or accident, or when he reaches at least 60 years of age.
However, retirement from work due to reaching old age is not the only reason why a person can access a pension.
Types of pension in Mexico
In addition to the retirement pension, in Mexico there are the following cases for which a person could access compensation:
- Widowhood
- Permanent disability
- Orphanhood
- Disability
- Alimony
- Ascendants’ pension (granted to the father and/or mother who were financially dependent on the deceased insured person or pensioner)
What is retirement?
Retirement refers to the moment in which a person concludes his work cycle, either due to his age or the number of years worked. This group of the population can access a retirement pension.
The National Mixed Salary Protection Committee details that retirement is also the administrative act by which an active worker, whether self-employed or employed by someone else, becomes passive or inactive, after reaching the maximum age , or due to serious chronic illness or disability.