Mexican President Announces 20% Increase in Minimum Wage for 2024

Mexican President Andres Manuel Lopez Obrador declared a significant 20 per cent hike in the minimum wage starting in 2024, describing it as a pivotal decision.

Effective from January 1st, Mexico’s minimum wage will be set at 249 pesos per day (approximately 14 U.S. dollars), as confirmed by the president during his routine press briefing.

Lopez Obrador emphasized the historical significance of this move, highlighting the commitment made at the onset of his administration to double the minimum wage in real terms.

Upon assuming office on December 1st, 2018, President Lopez Obrador noted that the minimum wage stood at 88 pesos per day or 2,687 pesos per month.

This wage increment was achieved through a consensus reached among the government, labour representatives, and the private sector.

The Employers Confederation of the Mexican Republic (Coparmex) expressed support for this decision in a separate statement, stating that the primary aim is to enhance households’ welfare by ensuring income equivalent to two basic baskets comprising food and non-food essentials.

The agency underlined that this income level should adequately sustain an average Mexican family of four with the earnings of two individuals employed in the formal sector.

Despite the challenges posed by the pandemic and escalating labour costs, Coparmex reaffirmed its commitment to restoring the purchasing power of the general minimum wage.

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