'A world-class company,' reads the CFE slogan. 'A world-class company,' reads the CFE slogan. The same could be said of its pensions.

Luxurious pensions of Pemex and CFE

One former CFE worker earns more than President Peña Nieto

In a country where the daily minimum wage is about US $4, landing a job at state companies Pemex and the Federal Electricity Commission (CFE) has meant hitting the jackpot for almost 150,000 retired workers who now earn pensions worth up to 15,659 pesos, about US $860, per day.

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One former CFE worker, union leader José Luis Lupercio Pérez, has a monthly pension of 474,945 pesos, about US $26,000. He earns more in his retirement than the president of Mexico, whose monthly stipend is 193,478 pesos.

The newspaper El Universal reported that Lupercio’s pension is also greater than those of former presidents Felipe Calderón and Vicente Fox.

During his stint at the CFE, Lupercio served as the Bajío leader of the national Union of Electrical Workers SUTERM. Since 2002, he has been the target of accusations of corruption, illicit enrichment and others.

Another 57 former CFE employees are receiving monthly pensions that range from 248,324 to 313,132 pesos (US $13,600 to $17,000), including seven former employees who share Lupercio’s surnames.

On average, the 45,340 CFE retirees receive a daily pension of 1,200 pesos, or US $66, not including benefits such as food vouchers and bonuses.

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The amount of a retiree’s pension is tallied according to the last position held in the company and the salary earned.

At the state oil company Pemex, retirement is equally comfortable: former employee No. 72504 — the company didn’t publicize their names — earns a monthly pension of 163,892 pesos, almost US $9,000.

This former employee earns in one month just 35,407 pesos less than the company’s director.

Of Pemex’s retirees, 48 earn between 98,222 and 150,830 pesos a month. The lowest tier of retired employees — which includes over 23,000 people — earn between 20,000 and 39,991 pesos.

Former Pemex employees also receive as much as 11,000 pesos a month more to buy gasoline, gas for cooking and food.

Source: El Universal (sp)

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  • James Smith

    “All animals are equal but some animals are more equall than others.” Animal Farm, George Orwell. Stalin would be proud of how his ideological heirs have stolen all of Mexico’s wealth for themselves.

  • Deena Hafker

    Now I know why my bills are so high.

  • Barbara Spencer

    Wow, how can I get a job like that.

  • Peter Maiz

    This, obviously, shouldn’t be.

  • Garry Montgomery

    It’s time for the financial revolution in Mexico.
    First, an employee must contribute to hs/her pension from the weekly pay check. Second, politicos’ salaries must be cut by 50% and they can only “earn a pension” by contributing to a fund and can only draw retirement pensions after three full terms in office with the pension being equal to 50% of the annual salary of the last year of their third full term. If they only serve fewer than the three term requirement they can withdraw their contribution plus a government subsidy of 50% of the amount contributed.
    Doctors in the IMSS system should be given a 100% pay increase. If any of the political parties get a math whiz to do the calculations accurately and draw up a “platform” legally and fairly they’d romp home at the next election and the whole economic status of the country would change for the better.

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