Introduction
In the upper echelons of the 4T administration, it’s clear that economic concerns are the primary focus for Claudia Sheinbaum‘s government. One of the most pressing issues is the pension system, which faces increasing challenges due to limited public finances.
Current State of Pension Systems
Currently, great attention is being paid to Afore (Managed Retirement Accounts). The pending legislative process, which will extend until the following year after the extraordinary session of Congress closes, has caused frustration at Palacio Nacional. Ensuring retirement savings is not solely the responsibility of actuaries but also politicians.
IMSS Plan for Digital Platform Users
Despite the worst-case scenarios, workers may still contribute to maintaining the social security and pension system. A pilot plan is underway for users associated with digital platforms offering goods delivery and passenger transportation services to be covered by the IMSS (Institute of Mexican Social Security).
IMSS Revenue from Voluntary Continuation Scheme
Last year, through the Modalidad 40 scheme, the IMSS collected 27,383 million pesos from 394,871 affiliated individuals. This revenue supports pension, disability, and old-age insurance, as well as retirement, advanced age severance, and old-age benefits.
Modalidad 40: A Closer Look
The Modalidad 40 is a voluntary scheme that facilitates pension access and benefits, along with medical, surgical, pharmaceutical, and hospital assistance upon retirement.
Application Process
To apply for Modalidad 40, the IMSS reviews documentation, validates information, requests necessary forms indicating the chosen base salary for cotization (SBC), and generates payment files. The registration process takes no more than five days, with the IMSS assuming liability.
Changes in Registration Procedures
Last year, the IMSS directorate introduced a new registration procedure for beneficiaries using the Integral System of Rights and Obligations (SINDO). SINDO managed 89,486 new registrations, 111,381 terminations, and 17,638 reinstatements in Modalidad 40.
Demographics of Modalidad 40 Users
Among those registered, 61.6% (55,141) are males averaging 58 years old, while 38.4% (34,316) are females averaging 57 years old.
Pension-Related Data
In the past year, 111,381 terminations occurred; 63.9% were by males averaging 61 years old, and 36.1% (40,197) were by females averaging 60 years old.
IMSS Data Verification
Since May, the IMSS directorate has instructed the Incorporation and Revenue Department to verify personal data of Modalidad 40 users bi-monthly, ensuring accuracy and completeness in the SINDO.
Challenges with Data Transmission
Transferring validated weeks of cotization from 133 state subdelegations to central offices has caused delays and inconveniences for beneficiaries seeking favorable resolutions, completing payments, and terminating their system participation in the past semester.
Key Questions and Answers
- Who is Claudia Sheinbaum? Claudia Sheinbaum is the current head of the government in Mexico City, focusing on economic concerns, including pension system stability.
- What is the IMSS? The Institute of Mexican Social Security (IMSS) is responsible for managing social security and pension systems in Mexico.
- What is Modalidad 40? Modalidad 40 is a voluntary pension scheme that facilitates access to pensions and provides medical assistance upon retirement.
- Why are there changes in IMSS procedures? The IMSS implemented new procedures to ensure accurate personal data of users and address delays caused by centralizing data transmission from state subdelegations.
