In a legislative decision expected by all Mexicans, the Chamber of Deputies approved the creation of the Pension Fund for Wellbeing, a measure aimed at ensuring solid financial protection for Mexican workers.
The reform gives the fund access to resources from inactive Afores accounts and state debts with the ISSSTE, thus providing an additional source of financing to guarantee decent pensions.
The vote, which had 252 votes in favor, 212 against and 4 abstentions, reflected the intense debate and controversy generated by the measure, especially among opposition parties such as the PAN and the PRI.
Critics of the reform, especially PAN deputies, have denounced the attempt to “get their nails” into savers' money, while Morena legislators have defended transparency in the management of the fund.
The primary objective of the fund is to complement the pensions of low-income workers upon reaching age 65, including those under the ISSSTE individual account regime.
To guarantee efficient management, a Technical Committee will be established in charge of ruling on the operating rules of the fund, thus ensuring that resources are distributed equitably.
This initiative responds to the pressing need to strengthen the pension system and guarantee a decent income for retirees in Mexico.
The implementation of the fund will require modifications to various laws, including those of Social Security, Infonavit, ISSSTE, among others, evidencing the complexity of the legislative process necessary for its implementation.
On the other hand, the reform that is still subject to approval by the Senate of the Republic has a financial reserve so that people can claim their Afore savings through a mechanism not yet defined. The latter will be reflected in the operating rules.
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