Various provisions of the Mexican Constitution were amended to replace the Minimum Salary for the Unit of Measure and Actualization (“UMA”) as a unit of account, index, base, measure, and reference.
The following features should be highligted:
The National System of Statistical and Geographical Information will determine the value of the UMA, which will be used as reference for determining the relevant amount for the payment of obligations, as well as in other cases provided by law.
The public financing of political parties shall be fixed yearly, by multiplying the total number of voters registered by 65% of the daily value of UMA.
The Minimum Salary will not be longer used as unit of account, index, base, measure, or reference, for purposes different from those to its nature.
The Federal Congress, the State Legislatures, the Legislative Assembly of Mexico City, as well as all Federal Public Administrations, of the States, of Mexico City, and of the Municipalities, shall make the corresponding modifications within a year, in order to eliminate the references to the Minimum Salary and replace them for the UMA.
Please do not hesitate to contact us, should you need further comment on the contents of this bulletin.
YOURS TRULY
Adolfo Athie Cervantes (Mexico City) aathie@basham.com.mx
Cecilia Flores Rueda (Mexico City) cflores@basham.com.mx
Mexico City, February 8th, 2016.
