Monterrey, NL. People who trade under the Social Security Law of 73To be able to retire they must have 1,250 weeks of contributions and they can retire from the age of 60; The modifications apply to those who contribute with a date after July 1, 1997, among them, a guaranteed minimum pension is established with 750 weeks of contributions, he commented to The Economist, Francelia Chávez, Espinoza, Profuturo financial advisor.

With the 1997 law, they can retire in 2021 with 750 weeks of contributions, be 60 to 64 years old in case of unemployment in advanced age, or have reached 65 years of age to obtain an old-age pension, and have an updated worker identification file, which can be generated with the Afore.

The reforms to the Law of 97, allow an increase in employer contributions, a cap on commissions charged by the Afore, the promotion of a more flexible scheme to obtain a Minimum Guaranteed Pension and a decrease in the weeks of contributions.

Law 73

“The average pension ceiling in the Social Security law of 73 is 7,000 to 8,000 pesos per month, however, at higher weeks of contributions, they can reach up to 30,000 pesos per month. If a person has fewer weeks of contributions, or is registered with a lower salary, they can choose to resign from their company and request voluntary continuation in the mandatory IMSS regime, paying mode 40, with the same salary they had “, explained.

However, he stressed that each case is particular, given that there are people who only have the minimum 500 weeks required, and the amount of their pension would not improve much, paying mode 40Therefore, it is important to go with a financial advisor.

He also recommended that people who are 55 years old verify online or in the corresponding IMSS Subdelegation, with what salary they are registered and how many weeks they have contributed. “If you decide to opt for mode 40, you have to first investigate how much you would have to invest to have a higher pension.”

Law 93

In the reforms published on December 16, 2020, on pensions, Afores, and Retirement Savings Systems, it is established that in 2021, the minimum number of weeks contributed is 750 and they are increased by 25 weeks for each year until 2031.

In 2020 the minimum guaranteed pension it was 1 minimum wage.

In 2021, if a person has 750 weeks of contributions with 1 minimum wage and is 60 years old, they would receive 2,622 pesos of guaranteed minimum pension, and 2,809 pesos for 65 years. If you have 1,000 or more weeks of contributions, 3,559 pesos (60 years) and 3,746.00 (65 years) correspond to you. The other salary ranges are calculated based on the Unit of Measurement and Update (UMA).

Retain rights

The Social Security Law establishes that the insured shall retain the rights they had to retire for a period equal to a quarter of the time covered by their weekly contributions (time contributed to the IMSS), counted from the date of their withdrawal; which is the period in which the insured can request the granting of pensions.

For example, if a worker contributed 1,000 weeks to the IMSS, these are divided by four, which gives the amount of 250 weeks, that is, they will retain the right to request any of the aforementioned pensions during the 250 weeks after the date of their come down; that is, they have a retention of rights of 4 years 42 weeks, which results from dividing 250 weeks by 52 weeks (which correspond to a calendar year), indicates an article from the IMSS.

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