Do you belong to the sector of the population that worked in a government agency and began to quote in Institute of Security and Social Services for State Workers (ISSSTE) as of April 1, 2007? So this information is for you.
In the event that this is your situation, you should first know that as an ISSSTE insured you are in the individual account system or also known as defined contribution.
It is worth mentioning that under this type of regime each person has a personal and unique account in which the Federal Government deposits your dues and contributions when required. It is also important to know that these contributions are solely and exclusively for retirement, unemployment at an advanced age or old age.
In case you are interested in contributing under this pension scheme, it is important that you know that you must meet some requirements such as:
- Have this age and years worked required
- Due to Unemployment at Old Age. Be at least 60 years old and have contributed for 25 years.
- For old age. Be 65 years of age and have contributed for at least 25 years.
- For Early Withdrawal. Have a lifetime pension greater than 30 percent of the Guaranteed pension, once the survival insurance premium has been covered.
What modalities does the ISSSTE individual account regime have?
Knowing what types of account this individual account pension scheme manages is important when deciding whether or not it is convenient for you to enter into contributions with this scheme
Under the individual account regime there are 3 modalities by which you can retire.
The Life Annuity is a lifetime pension that is contracted with a private insurer. It is important to note that the amount will depend on the accumulated balance in your AFORE Account and will be updated annually according to inflation.
This form of withdrawal is a monthly payment that you can contract with the AFORE in which you are registered. The amount depends on the accumulated balance in your AFORE account, the yields obtained and the life expectancy calculated for you.
It may interest you: ISSSTE Pension: These are the requirements to process retirement
It is a pension supplement that is granted to people who meet the age requirements and 25 years of ISSSTE contributions. It is worth noting that until 2020, the guaranteed pension was 5,127 pesos per month, but this amount is updated annually according to the National Consumer Price Index.
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