Background on Pemex and its Pension System
Petróleos Mexicanos (Pemex), a state-owned oil company, boasts one of the most generous pension systems in Mexico. This has led experts to label Pemex’s pensions as “golden pensions.” In the first half of 2025, Pemex allocated 39,471 million pesos to pension payments and seniority bonuses daily, totaling 218 million pesos per day. This represents the highest level of pension and seniority bonus payments by Pemex since at least 2018, when the company began reporting this data.
Pemex’s Pension System Overview
In 2015, Pemex transitioned from a defined-benefit system, where the company paid for all pensions, to a defined-contribution system. Under this new model, both employees and Pemex contribute to individual retirement savings accounts.
- Eligibility: Sindicalized workers with 15 or more years of service by December 31, 2015, can retire at age 55 with 25 years of service.
- Pension Calculation: These workers receive a bi-weekly pension of 80% of their last year’s salary. For each additional year of service beyond 25, the pension increases by 4%, capping at 100%.
- Transition Generation: Workers with less than 15 years of service by the end of 2015, who opted not to join the individual accounts system, can retire at age 60 with 30 years of service and receive a 100% pension based on their last year’s salary.
Pemex Pension Investigation and Controversy
President Claudia Sheinbaum announced an investigation into the legality of Pemex pensions, hinting at upcoming revelations about “exaggerated” pensions among the state-owned company’s employees. She mentioned that around 90,000 million pesos are paid annually in Pemex pensions, with a focus on high-value pensions for confidential staff.
Understanding “Golden Pensions”
Carlos Ramírez, former president of the National Commission for Retirement Savings (Consar) and pension expert, clarified that “golden pensions” do not necessarily mean high-value pensions in the hundreds of thousands of pesos. Instead, they refer to pensions with significantly better benefits and conditions compared to the majority of Mexican retirees.
Pemex Pension Context and Impact
With over 1,000 pension plans in Mexico, Pemex’s pension liability stands at 1.36 trillion pesos as of June 2025, making it the largest among them, according to pension specialist Pedro Vázquez Colmenares. The generosity of Pemex’s pension system has raised concerns about its sustainability and fairness, especially when compared to the average Mexican retiree’s pension.
Key Questions and Answers
- What is the current status of Pemex pension payments? In 2025, Pemex pension payments have increased by 5% in real terms, reaching their highest level since 2018. The company allocates approximately 218 million pesos daily to pension payments and seniority bonuses.
- Why are Pemex pensions called “golden pensions”? These pensions offer significantly better benefits and conditions compared to the majority of Mexican retirees, making them “golden” in comparison.
- What is the investigation about? President Claudia Sheinbaum announced an investigation into the legality of Pemex pensions, focusing on potentially “exaggerated” high-value pensions for confidential staff.
- How does Pemex’s pension system work? The system transitioned from a defined-benefit to a defined-contribution model in 2015. Both employees and Pemex contribute to individual retirement savings accounts, with eligibility and pension calculations varying based on years of service.
