Employee Benefits in Mexico 2021

Employee Benefits in Mexico 2021

Summary

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.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Mexico, including an overview of the state and compulsory benefits in Mexico, detailed information about the private benefits in Mexico, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Mexico.

Key HighlightsThe Mexican Social Security Institute (IMSS) and the Institute for Security and Social Services for Government Workers (ISSSTE) is responsible for the functioning of the overall social security system. A person’s national insurance contribution is determined based on their income.An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.In Mexico, employers provide voluntary retirement benefits to their employees through voluntary superannuation contribution.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 benefitsIt covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays and private benefitsIt highlights the economic and regulatory situations relating to employee benefits in MexicoReasons to BuyMake strategic decisions using in-depth information related to employee benefits in the country Assess employee benefits of the market, including state and compulsory benefits and private benefits Gain insights into the key employee benefit schemes offered by private employers in the country Gain insights into key organizations governing employee benefits market, and their impact on companies