MEXICO CITY, July 22 (Reuters) - A pension reform to increase retirement benefits for Mexican workers should be approved by lawmakers later this year and become law by early 2021, the Mexican finance ministry’s pension system chief Carlos Noriega told Reuters on Wednesday.
Noriega said employers offered to absorb all of the increase in contributions towards workers’ pensions, but added that there would be a two-year grace period owing to the economic fallout of the coronavirus pandemic before contributions gradually increase.
The pension reform aims to increase retirement benefits for the average worker by 40%, Finance Minister Arturo Herrera said earlier in the day. (Reporting by Anthony Esposito and Sharay Angulo; Editing by Sandra Maler)
Our Standards: The Thomson Reuters Trust Principles.