Mexico reformed its pension system in 1997, transforming it from a pay as you go (PAYG), defined benefit (DB) scheme to a fully funded, private and mandatory defined contribution (DC) scheme. The reform was modeled after the pension reforms in Chile in the early 1980s, and was a result of recommendations from the World Bank. On December 10, 2020, the Mexican pension system would again undergo a major reform.[1]
- ^ "UPDATE 1-Mexican Congress passes major reform to boost pensions". Reuters. December 10, 2020. Retrieved December 10, 2020.
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