What is the difference between a pension under Law 73 and Law 97 of the IMSS?

If you are a worker registered with the IMSS and have not yet retired, you should know the basic schemes of your future pension. Currently, in the pension outlook In Mexico, very marked differences are observed between workers who began to contribute before and after July 1, 1997.

You should know that, in the case of Mexican Social Security Institute (IMSS)currently two insurance systems coexist: that of the call Law of 1973 and that of 1997with very important differences in the benefits that each one represents for the worker.

The existence of these two schemes is due to a reform promoted by the government of Ernesto Zedillo Ponce de Leónwhich modified the pension structure in the IMSS, linking the amount of each worker’s pension to the savings accumulated in their individual account at the IMSS. Retirement Fund Administrator (Afore).

This 2024, the issue of pensions has acquired special relevance due to the recently approved Welfare Pension Fund, promoted by President Andrés Manuel López Obrador, a scheme that seeks benefit new pensioners with Law 97with an amount greater than 16 thousand pesos per month.

Comparison between the Regimes of 1973 and 1997

The Mexican Social Security Institute (IMSS) clearly distinguishes between the two regimes in terms of the retirement modalities offered:

Law of 1973:

Under this regime, the IMSS guarantees a Life penssion which reflects the average salary of the worker during his last five years or 250 weeks of contributions.

The old age pension, accessible from 65 years of age, provides 100% of the average salary for this period, while the Unemployment Pension allows you to retire between 60 and 64 years of age, with a decreasing percentage of the average salary depending on age.

1997 Law:

This regime introduces modalities such as Annuity and Scheduled Retirement. The Life Annuity offers a lifetime income determined by accumulated savings and adjusted annually for inflation, while the Scheduled Retirement depends on savingsyields and estimated life expectancy, with the risk of depleting resources.

Additionally, the IMSS contemplates a Guaranteed Pension for those who meet the age and weeks of contributions requirements (825 weeks in 2024), but whose resources in the Afore are not sufficient to access the aforementioned modalities.

This scheme offers a basic income independent of the latest salaries, differentiating itself from the 1973 regime.

Retirement requirements

To access these benefits, workers must start your process at the IMSS subdelegation that corresponds to them, presenting the necessary documentation such as official identification, Afore account statement, and IMSS pension resolution.

It is also very important be registered in the Afore corresponding and comply with the minimum number of weeks quoted.

Journalist with more than 15 years of experience in print and digital publications. I am currently editor of Debate.com.mx. I have a degree in Communication Sciences. I have covered diverse information sources, especially from the business areas. I usually write about personal finances, retirement, pensions, IMSS, employment, money, currencies, credits, entrepreneurship, insurance, technology, science and scientific studies in areas such as health. I like social networks, reading about marketing, SEO and literature, especially topics of politics and history. In 2018 I had to start mibolsillo.com and since then I have ventured into digital journalism.

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