When the time comes, a series of decisions that involve many aspects of personal life behind them. It is about retirement, that moment that has come after hard years of work and service in the public and private sector.
When talking about the public sector there are different schemes for retirement, including a pension. In this article we will review some of the main features of this retirement method and, of course, we will find out if it is possible or not to have a pension granted by the Mexican Institute of Social Security along with a pension given by the Institute of Social Security and Services of the State Workers (ISSSTE). First of all, it is convenient to know what a pension is .
In this case, both the IMSS and the ISSSTE define this as an economic benefit that is intended to protect workers when they have an accident at work, suffer from an illness or a non-work accident or when they reach 60 years of age. Here we will talk about pensions that are intended to be granted in retirement, that is, when they turn 60.
It is important to clarify that, in case of the death of a worker, he has the possibility of leaving a pension to his family members who in this case are known as beneficiaries and who may be children, wife or husband, or in any case, the parents.
The granting of any type of pension is based on the delivery of a resolution that supports the right to payment of a monthly amount and the medical service provided by both the IMSS and the ISSSTE.
The types of pensions of the IMSS
First, we will talk about the type of pensions granted by the IMSS. The Social Security law establishes two regimes by which insured persons can retire. The manner in which these two procedures are determined is established through the date of beginning of contribution to the Insurance and is determined in persons who began their work before July 1, 1997, this is known as the “1973 Regime”; or if they started trading after July 1, 1997, the “1997 Regime”.
All workers in the private sector have a guaranteed minimum pension in case they have not made voluntary contributions or affiliations to an insurer. In this case, the minimum guaranteed pension is that which the federal government insures to pensioners under the Social Security Law and its monthly amount is the equivalent of a general minimum wage in Mexico City. Likewise, this amount is updated annually in the month of February according to the National Consumer Price Index (INPC) published by the National Institute of Statistics and Geography (INEGI).
When a social security worker has chosen to choose an insurance company as the accumulator of the balance in the individual account administered by its Retirement Fund Manager (AFORE), this pension is defined as the annuity pension. In our article All you need to know about the IMSS pension types , you can find out more about this topic.
The types of pensions in the ISSSTE
The differences between the pensions granted by the IMSS and the ISSSTE are minimal. However, each of them has aspects that are important to take into account. As we established, an insured of the IMSS will receive his pension from the services he provided to private sector companies.
A worker who did the same for government agencies will receive a pension from the ISSSTE. In this institution, since 2007, active workers had the possibility to choose between two different schemes for the granting of their pension.
The first of these modalities is known as “Tenth transitional” and applies to workers who were working as of March 31, 2007 and elected, and for workers who were working on that same date, but did not exercise their right to choose.
The compensations for the tenth transitional period consist of a calculation in the years worked and the average of the base salary quoted during the last year worked before retirement. As in the IMSS, the guaranteed minimum pension to be granted is equivalent to a minimum monthly salary in Mexico City.
On the other hand, the other regime promoted by the ISSSTE is known as “Ordinary Regime (individual account). Here, the amount allocated to each worker corresponds to the resources accumulated by him in his individual account for all the years worked, his amount is determined at the time of retirement based on the contributions that have been made up to the last day worked. The pensions are granted by the ISSSTE and the worker chooses the payment method through an insurer or an AFORE.
This regime is applied to the workers who were working as of March 31, 2007 and who elected them, and to those workers who were not working as of March 31 and who joined or re-entered to contribute to the ISSSTE as of April 1, 2007. that same year.
As in the IMSS there are different conditions to receive the pension, in the ISSSTE there are also. Some of the main ones that interest us most in this article are the following. In the Individual Account System, workers who have paid or worked for 25 years and have just turned 60 can retire.
This modality is known as Unemployment in advanced age. The other very similar modality, but with 65 years of age is known as Old Age. On the other hand, in the regime of the tenth transition, the Retirement corresponds to men who have worked for 30 years and women who have done so for 28 years, have met a minimum of 58 years in the case of men and 51 years in the case Women’s.
To this regime is also added the modality known as “Age and time of services” for people who have worked for 15 years or more in the sector and who have turned 58 years old. There is also unemployment in old age when you have worked for 10 years and the worker turned 63 years.
You should know that as a pensioner of the ISSSTE, you enjoy a series of very important rights. You can meet them in our article: Know the rights of the Retirees and Pensioners of the ISSSTE , do not stop reading it.
And then can you have a pension from the imss and the issste?
Is it possible to have and collect a pension when the IMSS and the ISSSTE have been quoted? The answer is yes. In terms of pensions, in 2009 both institutions signed a portability agreement whose purpose is to demonstrate that the right to an economic benefit is associated to the person and not to the type of employer who uses it, so that, if in your career You decided to go from the public to the private sector, your effort has counted equally. Processing your pension in these two modalities is simple.
If you wish to retire by retirement, unemployment in advanced age, old age or retirement, under the modality of portability of rights the only thing you must do is process and obtain, before requesting your pension, the record of periods recognized by both Institutes for the work done in both sectors.
It is important to highlight that the application to start the processing of your pension must be submitted at the last institution to which you have contributed or in which the most recent withdrawal is recorded. In both cases, for that special date, you must already be discharged as a worker.
Thanks to the Internet, both the IMSS and the ISSSTE have made available to their insured special tools to know their type of pension or the weeks they have quoted in one or both institutions. Surely at this point you have everything under control or you are ready to say goodbye and start new projects. Congratulations! You have reached a great stage in your life.