What other notable statutory benefits does Mexico’s social security system offer?
Food coupons are a social security benefit, which means they must be provided to all employees equally. There is an established 7% cap on the monthly salary for this benefit, tax-free and paid on a Si Vale card that can be used in supermarkets and some other shops.
We cannot exceed the 7% cap for any individual supported employee because the cap must remain equal for all of our supported employees. However, if you would like to provide more, we can accommodate this request through a food allowance, which would be subject to tax deductions. Please note that this Unit of Measurement (UMA) and the cap for food coupons are updated every year. This takes effect on February 1st of each year.
National Housing Fund Institute (INFONAVIT)
INFONAVIT is part of the employer/employee's mandatory contributions to have access to a government loan for the purchase, construction, repair, remodeling, or improvement of an employee’s home. This is paid through employer contributions. An employee is required to have contributed to the social security system for a certain number of weeks to qualify for this benefit. They need six continuous months of contributions (both employee and employer) to access the loan. Employees who access a loan pay for it through payroll (it gets deducted from their salary).
Does Velocity Global provide travel insurance?
Velocity Global does not currently offer a travel insurance plan for Mexico; however, an allowance may be provided instead. This will be managed directly by the supported employee and the insurance company.
Can Velocity Global help me offer additional maternity or parental leave to supported employees?
Yes. We can offer additional maternity or parental leave at your discretion, and it will be managed as a “paid time leave” for the number of additional days you approve.