The expense destined to the payment of the Pension for the Welfare of Older Adults (PBAM) will increase 27.4% in 2023. This means that the social assistance program will have a cost of 303,700 million pesos, according to the Precriteria 2023 that the Ministry of Finance presented to Congress last Friday.
For the following years, the cost of the PBAM program will be difficult to cover, so it is estimated that by 2024 a budget equivalent to 1.9% of the Gross Domestic Product (GDP) will be required and 12 million adults over 65 years of age can be served. or more in the country, estimated the Center for Economic and Budgetary Research (CIEP).
“The estimate can change because the promise of the Executive with the amount of pensions is linked to inflation. If inflation is high like it is now, it will change,” said Alejandra Macías Sánchez, director of the CIEP.
In March 2021, the President announced that the PBAM will increase 20% over the next few years until it reaches 6,000 pesos bimonthly pension in 2024; it was also announced that the age to receive the program was lowered to 65 years from 68 years.
With the lowering of the age, it is estimated that more than 10.7 million older adults will benefit from the federal welfare program.
The CIEP forecasts that the total cost of contributory and non-contributory pensions of the different pension systems will represent 6.5% of the product in 2024.
“The pension issue is no longer a time bomb, it is here. Decisions have to be made in this regard and be more aware of spending increases that do not have a stable source of financing,” said Macías.
santiago.renteria@eleconomista.mx
hartford car insurance shop car insurance best car insurance quotes best online car insurance get auto insurance quotes auto insurance quotes most affordable car insurance car insurance providers car insurance best deals best insurance quotes get car insurance online best comprehensive car insurance best cheap auto insurance auto policy switching car insurance car insurance quotes auto insurance best affordable car insurance online auto insurance quotes az auto insurance commercial auto insurance instant car insurance buy car insurance online best auto insurance companies best car insurance policy best auto insurance vehicle insurance quotes aaa insurance quote auto and home insurance quotes car insurance search best and cheapest car insurance best price car insurance best vehicle insurance aaa car insurance quote find cheap car insurance new car insurance quote auto insurance companies get car insurance quotes best cheap car insurance car insurance policy online new car insurance policy get car insurance car insurance company best cheap insurance car insurance online quote car insurance finder comprehensive insurance quote car insurance quotes near me get insurance