Mexico: Minimum Wage Has Increased for 2024

On Nov. 30, 2023, the National Minimum Wage Commission (CONASAMI for its acronym in Spanish), unanimously agreed to increase the minimum wage, effective as of Jan. 1.

The minimum wage increase was raised as follows:

• In the northern border free zone, there was a 6 percent percentage increase, plus $41.26 MXN as an Independent Recovery Amount (MIR is the 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 was a 6 percent 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 percent global raise in the general minimum wage.

This wage increase comes in the context of a slowdown in inflation in Mexico during 2023, reaching levels of approximately 3.4 percent for the last quarter. 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 the National Council for the Evaluation of Social Development Policy (CONEVAL is the acronym for its name in Spanish).

Jorge De Presno is an attorney with Basham, Ringe y Correa SC in Mexico City. David Eugenio Puente Tostado is an attorney with Basham, Ringe y Correa SC in Monterrey, Mexico. Álvarez Cervantes Luis Antonio, an attorney with Basham, Ringe y Correa SC, co-authored the article. © 2024 Basham, Ringe y Correa SC. All rights reserved. Reposted with permission of Lexology. This article was prepared with the support of Ana Sofia Lazcano, an intern with Basham, Ringe y Correa SC in Mexico City.