What people fall under Law 73 of the IMSS?

Currently, in Mexico there are two pension systems available that depend on the date you started your IMSS contributions. What people fall under Law 73 of the IMSS? Easy: If you started contributing before July 1, 1997, you are the Regime 73. On the other hand, those who belong to the 1997 regimealso known as Law 97, are those that began their contributions on July 1, 1997.

Under the 1973 IMSS Lawtwo types of pensions are established that ensure an income until the death of the beneficiary, based on the average salary of the last five years or the last 250 weeks of contributions.

It is because of this time window of 250 weeks that defines the pension amount, that many Law 73 workers They choose to enroll in Modality 40to add weeks of contributions with higher salaries and thereby improve the calculation of your pension.

The Old Age Pension by law 73 It is granted from the age of 65 and is equivalent to 100% of the average salary for this period. For example, if your average salary in the last five years was 20 thousand pesos per month, you will receive a pension of the same amount.

The second option is the Unemployment Pensionavailable between 60 and 64 years old, which offers a lower percentage of the average salary than in the Old Age Pension.

If you retire at At 60 years old you will receive 75% of that amount. This percentage increases progressively each year by 5% until age 64, when it reaches 95% of the average salary.

What is retirement according to the 1973 law?

In 1995, a law was passed protecting workers who began list before July 1, 1997establishing a pension system that promotes a demographic balance between pensioners and active workers in the IMSS.

This Law 73 was designed to offer Retirement and lifetime pensions calculated according to the weeks quoted. These are an important pillar for the pension, together with the average salary of the last 250 weeks and the retirement age.

To retire under this law, you must have contributed a minimum of 500 weeks (about 10 years) and apply for the pension once you have stopped working.

For any of these pensions, it is essential have met the requirement of 500 weeks of contributions. Because of this issue of quoted weeks, it is very important that people always try to work with an employer.

Unfortunately, many people choose to work informally, or independentlybut during almost all working life they stop contributing to their pension and sometimes they worry about making contributions when they have almost no time left.

If this requirement is not met, the pension will not be granted. only compensation is provided with the funds accumulated in the Afore.

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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