IMSS Eases for employers due to COVID-19
IMSS Facilidades a los patrones por COVID-19
On April 13 of the current year, the Mexican Institute for Social Security (Instituto Mexicano del Seguro Social or IMSS) divulgated the legal and administrative instruments to ease the payment of the employee-employer fees due to the pandemic for COVID-19.
Pursuant to articles 40-A and 40-C of the Social Security Law (LSS), employers who fail to cover the fees within the terms provided will pay, as from the date in which the liabilities are payable, the update and surcharges plus the applicable penalties.
Nevertheless, upon request by employers, IMSS may grant an extension por the payment, up to 48 months, provided that the initial amount to be cover shall be equal to the 20 percent of the employer fee and 100 percent of the employee fee. The benefit of executing this agreement is that the interest rate per month is between 1.26 percent and 1.82 percent, based on the selected period (12, 24 and over 24 months) as from the moment of the formalization, pursuant to article 8 of the Federal Income Law.
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