Mexico's minimum wage will rise by 20% next year, to about $14.25 per day
Mexico's president says its minimum wage will rise by 20% in 2024, to the equivalent of about $14.25 per day
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Mexico’s president said Friday the country’s minimum wage will rise by 20% in 2024, to the equivalent of about $14.25 per day.
About one-third of Mexico’s registered workers report earning the minimum wage, which will amount to about $1.75 per hour starting Jan. 1.
In pesos, the minimum will rise from about 207 pesos to about 248 pesos. The minimum is higher in areas along the northern border, where living costs are higher. There, the 20% increase would take the minimum to about 375 pesos, or about $21.50.
Part of the increase in dollar terms comes from the peso's appreciation against the dollar in the last year. The Mexican currency has risen by about 10% in value against the dollar since December 2022. That increase is largely attributable to the high inflow of remittances and high domestic interest rates, which make the peso attractive for investors.
____
Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.