The joint commissions of Finance and Legislative Studies are about to approve a bill from the Chamber of Deputies that allows the withholding of up to 40% of workers' salaries to pay off requested payroll loans, with the aim of preventing these loans from becoming delinquent. This measure is part of a legislative reform aimed at regulating Payroll Loans with Delegated Collection, which was approved in the Chamber of Deputies in March 2022.
The bill establishes that the concept of 'Payroll Loan with Delegated Collection' is not sufficiently regulated in the current legal system, so new regulations will need to be created once the reform comes into effect. The payroll loan with delegated collection will allow employers to directly withhold up to 40% from the worker's salary for the payment of these loans, which include personal loans, insurance premiums, or other financial services offered by lending institutions.
However, loans granted by Infonavit, ISSSTE, and other public institutions will not be subject to this regulation. The agreement also establishes that workers who request payroll loans must sign an agreement with their employer to ensure compliance with payments, and such agreements cannot be made by external entities such as unions or chambers of commerce.
This reform seeks to ensure the effective collection of loans granted to workers while protecting financial institutions from delinquency, although it could also raise concerns about the impact on employees' disposable income. This effort to regulate credit operations in the labor sphere and reduce the growing debt in payroll loans affects millions of Mexican workers.
