Employee Benefits in Mexico 2019

Employee Benefits in Mexico 2019

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: 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

- Old-age and survivor's pensions, unemployment, insurance for accidents at work and occupational diseases, family benefits, compulsory insurance for medical care and benefits, and annual vacation comprise the state and compulsory benefits in force.
•The IMSS regulates the pension and other benefits of employees in the public sector, whereas persons employed by the state are under the purview of ISSSTE.
•Separate system of benefits is applicable for military personnel and workers in the petroleum and electricity industries.
- All persons in state and private employment are covered by the social security system.

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, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave 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 Mexican 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 Mexican employee benefits, and their impact on companies.