Study of International Employee Benefits Trends Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 11085729(exp 1009)MLIC-LD Mexico
Mexico - Profile MARKET PROFILE § 12 rd largest global economy 21 § GDP of $1. 2 trillion 22 § Annual national income per capita: $7, 87023 § Rapidly growing economy, the “informal” economy has a sizeable presence § Mix of modern and outmoded industries; GDP: 70% services, 26% industry, 4% agriculture 24 § Working age population (ages 15 -64) expected to jump from 66. 1 million in 2005 to 86. 4 billion in 203025 § Median age: 25. 6 years 26 § Life expectancy at birth: 75. 4 years 27 Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L 0710119824(exp 0711)
Mexico - Profile BENEFITS AT A GLANCE § A mandatory retirement savings system is paid for by employers, at 2% of wages, and managed in individual investment accounts by registered organizations known as AFORES. 28 § To help restore its public employee pension system to solvency, Congress voted to raise, by 2028, the retirement age for civil servants to an average of 59 years from 49. 5 years and workers’ pension contributions to 6. 125% from 3. 5% by 2012—echoing reforms of private-sector pensions approved a decade ago. 29 § Mexico has a decentralized national health system, but employees who can afford private care tend to use it and buy insurance for it. 30 Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L 0710119824(exp 0711)
Mexico – Employer Perspective Mexican employers view benefits plans more as tools for increasing employee productivity and job satisfaction than for attracting and retaining workers. 82% of Mexican employers say they are having difficulty finding suitable talent to fill jobs despite the abundance of general labor. 34 TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES MEXICO: MOST IMPORTANT BENEFITS OBJECTIVES CITED BY EMPLOYERS THAT OFFER BENEEFITS INCREASING EMPLOYEE PRODUCTIVITY 99% INCREASING EMPLOYEE JOB SATISFACTION 91% CONTROLLING HEALTH AND WELFARE BENEFITS COSTS 85% ATTRACTING EMPLOYEES 83% REDUCING HUMAN RESOURCES ADMINISTRATIVE COSTS 83% ADDRESSING DIVERSE NEEDS OF EMPLOYEES 79% HELPING EMPLOYEES MAKE BETTER BENEFITS DECISIONS RETAINING EMPLOYEES HELPING EMPLOYEES MAKE BETTER FINANCIAL DECISIONS 75% 70% Percentages have been rounded to the nearest whole number Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L 0710119824(exp 0711)
Mexico – Employee Perspective TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES MEXICO: EMPLOYEES’ TOP CONCERNS ABOUT FINANCIAL SECURITY The top three concerns of Mexican employees surveyed about financial security are job security, having enough money to pay bills during sudden income loss and having appropriate health insurance JOB SECURITY 79% ENOUGH MONEY TO PAY BILLS DURING A SUDDEN INCOME LOSS 77% APPROPRIATE HEALTH INSURANCE 75% ENOUGH MONEY FOR CHILDREN’S EDUCATION 74% 72% ENOUGH MONEY TO LIVE ON MORE TIME TO SPEND WITH FAMILY 71% ENOUGH MONEY TO BUY A HOME 69% ENOUGH MONEY SO ONE PARENT CAN STAY HOME WITH CHILDREN 65% RESOURCES AND TIME TO CARE FOR AGING PARENTS OR RELATIVES BEING ABLE TO AFFORD QUALITY CHILD CARE 61% 52% Percentages have been rounded to the nearest whole number Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L 0710119824(exp 0711)
Mexico - Conclusions Benefits Strategies for Tomorrow, Today Mexico has long opened its borders to multinational investment, and is one of the leading nations in facilitating trade agreements worldwide. But these developments, while boosting domestic economic growth at an enviable rate, can reshape the workplace environment. Mexican employees increasingly exposed to multinational influences will doubtless be drawn into the very human game of drawing comparisons. And in such an increasingly competitive landscape, Mexican employers looking to maintain top-quality workforces will increasingly feel compelled to reassess their own benefits practices: § § § Offer a greater range of benefits such as health insurance and an employer sponsored savings fund than is standard practice. Educating employees on the importance of financial planning, insurance and retirement savings can deliver significant benefits to both companies and workers for a minimal investment on the part of Mexican employers. Voluntary benefits represent a valuable and cost-effective tool for employers. Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L 0710119824(exp 0711)
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