Munich Personal RePEc Archive

Pensiones Ley 73 IMSS y Modalidad 40

Villalobos López, José Antonio (2021): Pensiones Ley 73 IMSS y Modalidad 40.

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The cap of twenty-five or ten times the minimum wage on pension pay is perhaps the issue that has caused the most controversy and discussion under the Social Security Act (LSS) of 1997. By 2020 the difference between the general minimum wage and the Unit of Measure and Update (UMA) was $36.34 pesos per day, so that there is 29.5% difference between these two indicators. The cap with 25 monthly minimum wages would be $93,647 pesos, while with 25 UMA it would reach $66,029 pesos per month. In modality 40 91,145 quotes were registered in 2013, passing to 199,860 people in September 2020, which tells us that in just under seven years the number of members of IMSS modality 40 doubled. With December 16 reforms to IMSS pensions in Mexico, the payment of modality 40 will now go from 10,075% to 18.71% of the base contribution salary by 2030.

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