If you have been dismissed by your employer, but you want to continue contributing to the Mexican Social Security Institute (IMSS), you can do it through the Mode 40. This scheme, whose official name is voluntary continuation in the mandatory regimeit can give you many benefits, especially raising your pension.
Remember that this procedure is for policyholders who have been discharged from the mandatory IMSS regime. The Modality 40 procedure can be done online or in person, which is free. In addition, despite the idea that the last 5 years should be quoted, this is not true.
IMSS modality 40 with a salary of $300 contributing for one year:
One of the examples that makes it clear that you should not contribute the five years within Modality 40 is the following. For them we are going to propose some criteria.
In all cases, a contribution capped at 25 UMAS is used, equivalent to $7,315.42 pesos per month, which would add up to $88,217 pesos per year, for the 12 months that the contribution is made. These values are from 2022 and will move according to the weeks quoted, another of the pillars to determine your pension.
Pension at age 60 with 800 weeks: Last 4 years, he had a daily salary of $300 pesos. Contributing for only one year, her pension with 25 UMAS covered would be around $5,900 pesos. If that same worker contributes for only one year but retires at age 65, the pension would rise to approximately $8,000 pesos per month.
Read more: IMSS Modality 40: Retroactive payment in a single payment
Pension at age 60 with 1000 weeks: Repeating the previous criteria of salary and capped investment for one year, it would rise above $8 thousand pesos. That same worker, just for retiring at 65, would reach 10,800 pesos.
Pension at age 60 with 1,200 weeks: Emulating the previous criteria of salary and capped investment for one year, it would exceed $9,900 pesos at 60 years of age. That same worker, just by retiring at age 65, would raise his monthly payment above $13,000 pesos.
Read more: IMSS Modality 40: How much can you raise by contributing for only two years?
Pension at age 60 with 1500 weeks: With the previous criteria of only one year and a previous salary of $300 pesos, the pension would be higher than 12 thousand 800 pesos, while if he retires until he is 65, the pension will rise above $17 thousand pesos.
Pension at age 60 with 1700 weeks: With the above parameters, the pension with a capped year would be close to $15,000 pesos; while at 65 it would be close to $20,000 pesos.
In the case of exceeding 2000 weekswith a salary of $300 pesos for the last 4 years and capped at 25 UMAS in the last year, the pension at 60 would reach $18,000 pesos, while at 65 it would exceed 24,000 pesos.
Read more: Advantages and disadvantages of retiring at 60 or 65
Be very careful, to only be able to contribute the last year before you retire, you must register the previous year. In other words, those who want to retire at 60 must sign the contract in Modality 40 at 59 years of age.
On the other hand, to obtain the pension at 65, the contract in the Voluntary Continuation in the Compulsory Regime of the IMSS must be made at 64 years of age.
If you want to know more about Modality 40, go to this IMSS link.