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.
An organization run by AI is not a futuristic concept. Such technology is already a part of many workplaces and will continue to shape the labor market and HR. Here's how employers and employees can successfully manage generative AI and other AI-powered systems.
Related Content
HR must always include human intelligence and oversight of AI in decision-making in hiring and firing, a legal expert said at SHRM24. She added that HR can ensure compliance by meeting the strictest AI standards, which will be in Colorado’s upcoming AI law.
The proliferation of artificial intelligence in the workplace, and the ensuing expected increase in productivity and efficiency, could help usher in the four-day workweek, some experts predict.
Learn how Marsh McLennan successfully boosts staff well-being with digital tools, improving productivity and work satisfaction for more than 20,000 employees.