LatinNews Daily - 04 December 2023

 *Mexico’s President Andrés Manuel López Obrador has announced that Mexico’s minimum wage will increase by 20% in 2024, from M$207.44 (US$12.02) to M$248.93 per day. The minimum wage in the northern border free economic zone (FEZ) will also increase by 20%, from M$312 to M$375 per day. In a press conference, López Obrador noted this meant he would fulfil his promise of doubling the minimum wage in real terms during his time in office. Minimum wage, which stood at M$88 per day when López Obrador took office in December 2018, has been raised each year under the president, by 16.2% in 2019, 20% in 2020, 15% in 2021, and 22% in 2022. The most recent minimum wage increase resulted from a unanimous consensus reached by Mexico’s national minimum salary commission (Conasami), the government, and business and labour sectors. According to Conasami, the increase is estimated to directly benefit more than 8.9m working people and equates to the recovery of purchasing power of 110% between 2018 and 2024. López Obrador noted that the responsibility for the next minimum wage agreement lies with his successor as president. The wage increase was celebrated by Mexico’s leading private sector lobby (Coparmex), as well as the confederation of industrial chambers (Concamin), and umbrella business association, Consejo Coordinador Empresarial (CCE).

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