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OECD Reviews of Pension Systems: Mexico

image of OECD Reviews of Pension Systems: Mexico

This review assesses the Mexican pension system according to the OECD best practices and guidelines, and draws on international experiences and examples to make recommendations on how to improve it. It provides an international perspective on Mexico’s retirement income provision and a short and focused review of the Mexican pension system. The review covers all components of the pension system: public and private pension provision for public and private-sector workers. It provides recommendations, using OECD’s best practices in pension design, on how to improve the Mexican pension system and thus ameliorate the retirement income that people may receive from the pension system.

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The Mexican pension system today

This chapter succinctly describes the Mexican pension system. The Mexican pension system is mainly based on funded defined contribution individual accounts introduced in 1997 for private-sector workers and in 2007 for public-sector workers. The public pension component consists of the old pay-as-you-go defined benefit pension system, which still covers workers who entered the labour market before the introduction of funded defined contribution individual accounts, a minimum guaranteed pension and an alternative means-tested non-contributory pension for people older than 65.

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