IMSS and ISSSTE: here’s how you can increase your pension up to 50,000 pesos per month
One of the most recurring doubts of retirees from the Mexican Social Security Institute (IMSS) and the Institute of State Workers Safety and Social Services (ISSSTE) is if they can increase the amount they receive on a monthly basis and unfortunately the answer is no because the amount that was established at the time of completing the process is what they will receive for the rest of their life , with certain adjustments that are made annually, however, those close to retirement have the option of obtaining a monthly payment of up to 50,000 pesoshowever, this benefit is not available to everyone.
To begin to address the issue, the first thing to know is that if you are a worker affiliated with the Institute of State Workers’ Safety and Social Services (ISSSTE), you will not be able to access this type pension, which is calleda Voluntary continuation in the compulsory scheme or Modality 40 and it is only accessible to all workers affiliated to the Mexican Social Security Institute (IMSS) covered by the Social Security Act 1973 scheme.
It is important to specify that the purpose of modality 40 is to enable workers to carry out voluntary contributions to your savings account to increase the amount of your pension upon retirement and in addition to being covered by the Social Security Act 1973, other requirements are that the applicant no longer has an employment relationship at the time the procedure is carried out and has contributed for at least 53 weeks over the past five years.
How to receive up to 50 thousand pesos monthly pension?
If you are applying for modality 40, the Mexican Social Security Institute indicates that, at least 10% of the salary you contribute with must be contributed every 30 daysHowever, there is a maximum amount that can be contributed, which can be up to 25 Units of Measure and Update (UMA), so if the maximum amount allowed is contributed at the time of retirement, the member could receive monthly a pension of up to 50,000 pesos.
It is important to emphasize that the final amount of the pension is calculated according to the weeks contributedTherefore, the more quoted periods you have, the closer and closer the pension amount will be to 50,000 pesos per month. The Mexican Institute of Social Security (IMSS) gives as an example that if a 60-year-old person with 750 weeks of contributions completes the process of his pension under modality 40 with an investment of 400,000 pesos for the last five years, at at the end he will obtain a pension of approximately 14,400 pesos per month, whereas in the same case, but with a person with a thousand weeks of contributions, at the end he would receive a pension of 21,000 pesos per month.
Requirements to Apply for Modality 40
According to the information provided by the Mexican Social Security Institute (IMSS), this procedure, which is completely free, can be carried out by the insured person who has been released from the compulsory scheme or, where appropriate, by the person authorized to carry out the procedure with their respective power of attorney, Can be applied online or in person in the corresponding sub-delegation of the institute and in addition to having an e-mail, the documentation that must be presented or have in hand is the following in original:
- Unique Population Registry Code (CURP)
- Social Security Number (SSN)
- Free written request for registration for voluntary maintenance in the compulsory scheme, with handwritten signature or fingerprint.
- Document containing the social security number.
- Valid government ID
- Proof of residence
- Receipt for payment of the corresponding employer-worker contribution (It is presented once the application has been approved)
Source: El Heraldo De Mexico
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