Employee Benefits in Mexico 2021

Employee Benefits in Mexico 2021

Summary

Mexicos 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 Highlights

- The 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 persons 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 benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmens compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays 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 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

1. Executive Summary
2. Introduction
2.1 What is this Report about?
2.2 Definitions
3. Country Statistics
4. Overview of Employee Benefits in Mexico
5. Regulations
6. State and Compulsory Benefits
6.1 Retirement Benefits
6.2 Death in Service
6.3 Long-Term Disability Benefits
6.4 Short-Term Sickness Benefits
6.5 Medical Benefits
6.6 Workers Compensation insurance
6.7 Maternity and Paternity Benefits
6.8 Other Benefits
7. Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental and Dismemberment Benefits
7.6 Other Benefits
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List Of Tables

Table 1: Insurance Industry Definitions
Table 2: Mexico - Country Statistics
Table 3: Mexico - Long-Term Disability Pension Percentage
Table 4: Mexico - Survivor Pension Percentage
Table 5: Mexico - Fixed National and Public Holidays 2021

List Of Figures

Figure 1: Mexico - Main Institutions of Social Security System

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