AMLO Plans to Overhaul Mexico’s $266 Billion Pension System
- President said reform will avoid crisis in $266 billion system
- The plan requires companies to pay more into worker pensions
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Mexican President Andres Manuel Lopez Obrador presented a plan to overhaul the nation’s $266 billion pension system, seeking to have companies pay more toward employee retirement funds, in a rare display of unity with business leaders.
The president said in a Wednesday morning press conference that the reform will stave off a looming retirement crisis. The bill would focus on boosting pensions for low-income workers and increase them for employees overall by 40%, Finance Minister Arturo Herrera said at the event, talking alongside business, union and congressional representatives.