In it Mexican Social Security Institute (IMSS), workers face significant challenges when trying to ensure an adequate retirement, especially when they have stopped contributing and are seeking reactivate your pension rights. This is something that happens a lot to people who worked decades ago, but stopped contributing.
In these cases, some workers have more than the 500 weeks required for a pension and when they reach 60 years of age they are able to apply for a pension, but they are outside the time frame established by law. In this context, the concepts of “validity of rights” and “preservation of rights” are essential, the latter being a key tool that allows former contributors to manage retirement under Law 73.
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The “preservation of rights” refers to the period allowed after ceasing to contribute to the IMSS, during which a worker can process his pension. This period is a quarter of the total weeks contributed and recognized by the IMSS, and it starts counting from the first day without a quote.
This situation becomes more complicated if the conservation period expires before the worker reaches retirement age. And although this is a serious complication, there are ways provided for in the IMSS Law for the worker to recover his right to receive a pension from the Mexican Social Security Institute.
In these cases, the IMSS offers the possibility of registering in Modality 40, which allows workers to continue paying contributions voluntarily to maintain their pension rights.
However, if a worker discovers that he has lost his right to conservation, there are several options to recover it:
1. Return to work: An ideal solution is to return to work under an employer for more than 12 months. Although the law establishes a minimum of 12 months, it is recommended to extend this period to an additional two or three months as a precaution.
2. Membership through cooperatives: For self-employed workers such as taxi drivers or street vendors, joining a well-established cooperative can be an effective strategy to continue paying contributions and thus restore lost rights.
3. IMSS Modality 10: Also known as the voluntary contribution regime for independent workers, this option is relatively new and there are still no documented cases of people who, having contributed in this modality, subsequently manage to retire under Modality 40.
It is important to understand that Modality 40, being a voluntary contribution to the mandatory regimedoes not automatically guarantee the recognition of pension rights if contributions have only been made under Modality 10.
Given these challenges, it is vital to consult with a specialist advisor before making decisions that could impact the viability of retirement.
An adviser can help understand the complexities of the system and explore all available options, ensuring that workers maximise their chances of obtaining an adequate and secure pension.
With this knowledge, IMSS workers can make more informed and strategic decisions regarding their future retirement, avoiding unpleasant surprises and ensuring a dignified and fair retirement.
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