Mexican lawmakers approve new pension fund backed by president

Mexico’s Senate approved the creation of a new pension fund on Thursday aimed at boosting payouts to the lowest-earning recipients.
The creation of the fund, which is part of a pension reform proposed by outgoing President Andres Manuel Lopez Obrador, won the support of 70 senators, with 43 against and two abstentions, after a heated debate that went into the evening.
The reform aims to ensure that pensioners receive 100% of their last monthly salary up to about 16,777 Mexican pesos ($975), which is the average monthly wage for workers affiliated with Mexico’s social security institute.
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.