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Mexico’s minimal wage will rise by 20% subsequent yr, to about $14.25 per day

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Mexico’s president says its minimal wage will rise by 20% in 2024, to the equal of about $14.25 per day

ByThe Related Press

December 1, 2023, 10:20 AM

MEXICO CITY — Mexico’s president stated Friday the nation’s minimal wage will rise by 20% in 2024, to the equal of about $14.25 per day.

About one-third of Mexico’s registered staff report incomes the minimal wage, which can quantity to about $1.75 per hour beginning Jan. 1.

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In pesos, the minimal will rise from about 207 pesos to about 248 pesos. The minimal is larger in areas alongside the northern border, the place dwelling prices are larger. There, the 20% enhance would take the minimal to about 375 pesos, or about $21.50.

A part of the rise in greenback phrases comes from the peso’s appreciation towards the greenback within the final yr. The Mexican forex has risen by about 10% in worth towards the greenback since December 2022. That enhance is essentially attributable to the excessive influx of remittances and excessive home rates of interest, which make the peso enticing for traders.



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