Mexican lawmakers approve new pension fund backed by president

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Mexican lawmakers approve new pension fund backed by president
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Two youths charged with second degree murder | SaltWire #newsupdate #halifax #police #newstodayMEXICO CITY - Mexico's Senate approved the creation of a new pension fund on Thursday aimed at boosting payouts to the lowest-earning recipients.

After passing in the Senate, which followed approval by the Lower House of Congress earlier this week, the bill will now go to Lopez Obrador to sign into law. The fund will be initially funded by some 40 billion Mexican pesos in unclaimed savings held by workers over 70 years of age in inactive accounts with private fund administrators, known as"afores."

Mexico's association of retirement fund entities has said that individuals continued to have control over their accounts and that would not change with the new initiative.

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