BASHAM NEWS

Minimum Wage Increase for 2024.

Mexico City, December 4, 2023.

On November 30, 2023, the National Minimum Wage Commission (CONASAMI for its acronym in Spanish), unanimously agreed to increase the minimum wage, which will come into effect starting January 1, 2024.

The minimum wage increase will be:

  • In the northern border free zone, there will be a 6% percentage increase, plus $41.26 MXN as an Independent Recovery Amount (MIR acronym for its name in Spanish), raising the minimum wage from $312.41 MXN to $374.89 MXN per day.
  • In the rest of the country, there will be a 6% percentage adjustment, plus $27.40 MXN as MIR, raising the general minimum wage from $207.44 MXN to $248.93 MXN per day.

This increase was achieved through consensus among employers, unions, and the federal government, and represents a 20% global raise in the general minimum wage, starting January 1, 2024.

This wage increase comes in the context of a slowdown in inflation in Mexico during 2023, reaching levels of approximately 3.4% for the last quarter and it is expected that inflation will continue to decrease in 2024.

With this minimum wage increase, the aim is to continue improving the economic conditions and purchasing power of workers in Mexico, getting closer to the wellness line determined by CONEVAL.

This newsletter was prepared with the support of Ana Sofia Lazcano.

The attorneys of the labor and employment practice of Basham, Ringe y Correa, S.C., remain at your service in case you have any questions or comments.

Sincerely,

Jorge G. De Presno Arizpe

jorgedepresno@basham.com.mx

David Puente Tostado

dpuente@basham.com.mx

Luis Álvarez Cervantes

lalvarez@basham.com.mx