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Employee Benefits in Mexico

  • January 2015
  • -
  • Timetric
  • -
  • 64 pages

Summary

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Synopsis
Mexico’s social security system was introduced in 1942 and has since evolved in terms of scope and coverage. The Mexican Social Security Institute (IMSS) and the Institute for Security and Social Services for Government Workers (ISSSTE) are the governing bodies of social security system. The existing social security system was introduced on July 1, 1997 and is based on defined contributions instead of the earlier pay-as-you-go system. The system provides coverage for disability, death and retirement benefits. Individual accounts are created for employees and contributions made by employee, employer and government are credited therein.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Mexico, including:

- An overview of state and compulsory benefits in Mexico

- Detailed information about private benefits in Mexico

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Mexico

Scope
This report provides a detailed analysis of employee benefits in Mexico:

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits.

- It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, minimum resources, annual vacations, unemployment and private benefits.

- It highlights the economic and regulatory situations relating to employee benefits in Mexico.

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Mexico.

- Assess Mexico’s employee benefits market, including state and compulsory benefits and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in Mexico.

- Gain insights into key organizations governing Mexico’s employee benefits, and their impact on companies.

Key Highlights
- Persons who joined the labor force prior to July 1, 1997 receive benefits according to the SAR (Sistema de Ahorro para el Retiro) or MIA (Mandatory Individual Account) system. If a person elects to receive benefits through MIA system, his or her SAR account balance is transferred to a new MIA. Persons who were employed on or after July 1, 1997 are provided MIA.

- Those employed by the state contribute 6.125% of their payroll towards retirement, unemployment in old age, disability, occupational risks and death benefits. The employer contributes 5.175% of the employee’s basic salary and the overall government contributes 5.5% of the minimum wage according to the federal district.

- Private benefits are employee benefits that are not mandated by law but are provided by the employer to increase employee motivation. With almost 70% of medium and large companies offering retirement plans, this is the most provided benefit.

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