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Promised and Actual Benefits in Mexican Social Security for the Transition Generation
Social Science Research Network Link to more items from this source
July 12, 2012
"This paper provides a set of measurements of the actual benefits and costs of the general old age retirement plan provided to individuals by the Mexican pension system (MPS), which ... offers two basic plans. One is a defined benefit plan, available only to those registered before July 1997. The other is a defined contribution plan and is the default mandatory plan for all active workers.... [A]mong workers with the option of receiving the benefits of the new or the old laws, very few will choose the new one under a non-inflationary environment. While inflation has historically reduced the benefits of the old law to a very large degree, the levels of inflation and low interest rates associated to the Great Recession mean that benefits under the old law have become very attractive; for the same reason, the tax on earnings after the mandatory retirement age have become so high that any eligible worker is expected to retire as soon as they legally can."

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