Mexico‘s federal government proposed a budget of 335,499.4 million pesos for the Pension for Older Adults to be exercised in 2023.
According to its own words, the Mexican government’s strategy is aimed at achieving social justice and the comprehensive welfare of older adults at retirement age.
Furthermore, he argued in the Draft Expenditure Budget 2023, the achievement of this objective contributes to strengthening efforts to reduce poverty, strengthen public finances and promote productivity in the labor market.
During 2023, actions will be carried out that will have an impact on a better integration of the three central components of the pension system: the pension for the welfare of the elderly, the pension linked to employment and voluntary savings.
To strengthen the SAR, we are working together with the IMSS, CONSAR and the National Insurance and Bonding Commission (CNSF) to implement the reform of the LSS and LSAR, contributing to the welfare of the elderly and their retirement.
We will also work to inform the population about the benefits of the SAR and voluntary savings, with a view to promoting better decision-making by workers.
Likewise, the necessary synergies will be established to advance towards the consolidation of an equitable and modern pension system that protects the interests of Mexico’s workers.
Pension for Older Adults
Since the beginning of the administration, social supports have laid the groundwork for expanding the country’s social protection network, which has made it possible to improve the quality of life of the lower-income population.
In particular, the resources allocated to the Elderly Welfare Program, which was elevated to constitutional rank since 2019 and consists of a bimonthly support of 3,850 pesos, have doubled in real terms between 2019 and 2022.
Meanwhile, the resources allocated to the Benito Juárez Universal Scholarship for High School Students program, which aims to prevent young people from dropping out of school and to make it easier for them to join the labor market, increased by 65.8% during the same period and represents an investment in human capital of 34.5 billion pesos.
