So that retirees Law of ’97 have access to a best pension once they retire from formal active working life, the creation of the so-called Pension Fund for Welfare.
Under this understanding, according to the decree with the series of reforms made to the pension system of the Mexican Social Security Institute (IMSS) and the Institute of Security and Social Services of State Workers (ISSSTE) last week, it will be from month of July of this 2024 when retirees who meet the necessary requirements see an increase in their pension.
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Thus, according to what was published in the Official Gazette of the Federation (DOF) on April 30, 2024, the Pension Fund for Wellbeing constitutes a trust operated by the Bank of Mexico (Banxico) where the derived resources will be available of the inactive accounts of the Afores of those who have turned 70 years old, in the case of the IMSS, and 75 years old, in the case of the ISSSTE, without claiming the money.
In addition to the above, the Pension Fund for Wellbeing will also be financed from the inactive housing subaccounts of the Institute of the National Housing Fund for Workers (Infonavit), as well as from other sources, such as the resources of the Institute to Return the Stolen to the People, and the profits generated by the Mayan Train.
Under this context, it is worth noting that through the Welfare Pension Fund, retirees from the Mexican Social Security Institute (IMSS) and the Institute of Security and Social Services of State Workers (ISSSTE) can be deposited.l 100% of the last salary they contributed before retiring from the active labor market.
In detail, as indicated in the series of reforms published in the Official Gazette of the Federation (DOF) by President Andrés Manuel López Obrador, only IMSS and ISSSTE retirees who have a pension less than the 16 thousand 777 pesos monthly and that, in addition to this, they are under the Law of ’97, that is, they have begun to contribute as of July 1, 1997.
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