When would the Pension Law Reform come into force?

The Chamber of Deputies approved the creation of the Pension Fund for Wellbeing, which will be financed with retirement savings in the Afores that are not claimed by people aged 70 and over.

The Pension Fund, proposed by the Morenoist deputies Ignacio Mier Velazco and Angélica Ivonne Cisneros, It will aim to guarantee a decent pension and give an extra to the pensions of workers who retire at age 65.

The reform will force the Afores to transfer workers’ resources to the Pension Fund for Wellbeingthis will be, from the money of the workers who at age 70 do not request the return of the balances of their retirement subaccounts.

When would the Pension Law Reform come into force?

So far there is no exact date, since The reform on the matter must still be approved by the Senate of the Republic.

According to what is established, the reform would come into force after it is approved by both chambers of Congress and published in the Official Gazette of the Federation (DOF).

President Andrés Manuel López Obrador has said that he would very much like the Welfare Pension Fund to be approved on May 1, Labor Day, as “a demand for the workers of Mexico.”

However, it will depend on the legislative process, where the validation of the reform by the Senate of the Republic is still pending. If this chamber makes modifications, it would return to the Deputies for eventual approval, which will be key for its publication in the DOF and subsequent entry into force.