The latest hike in Mexico’s minimum wage—20 percent to kick in January 1, 2024—may not be the panacea that the country’s lowest income earners require, some economic analysts are reflecting.
Last week, the National Minimum Wage Commission (Conasami) announced that the daily minimum wage will rise from 207.44 to 248.93 pesos (374.89 pesos at the northern border).
This means that the minimum wage will have more than doubled—increasing by 110 percent—during the administration of President Andres Manuel Lopez Obrador.
Since 2018, when the minimum wage stood at 88 pesos a day, the authorized hikes have been:
2019: 16.2% 102.68 pesos per day, 3,080.40 pesos per month
2020: 20% 123.22 pesos per day, 3,696 pesos per month
2021: 15% 141.70 pesos per day, 4,251 pesos per month
2022: 22% 172.87 pesos per day, 5,186 pesos per month
2023: 20% 207.44 pesos per day, 6,223 pesos per month
2024: 20% 248.93 pesos per day, 7,467 pesos per month
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