Mexico's Social Security Institute has announced a simplified installment plan scheme for employers facing difficulties in paying their social security contributions due to COVID-19. Under the scheme, employers may make up to 48 monthly installments, subject to monthly interest as follows:
- up to 12 months - 1.26% interest
- 12 months to 24 months - 1.53% interest
- 24 months to 48 months - 1.82% interest
To be eligible, at least 20% of employer contributions and 100% of employee contributions…