Mexico’s minimum wage will rise by 20% next year, to about $14.25 per day

2024-12-24 10:17:58 source: category:Markets

MEXICO CITY (AP) — Mexico’s president said Friday the country’s minimum wage will rise by 20% in 2024, to the equivalent of about $14.25 per day.

About one-third of Mexico’s registered workers report earning the minimum wage, which will amount to about $1.75 per hour starting Jan. 1.

In pesos, the minimum will rise from about 207 pesos to about 248 pesos. The minimum is higher in areas along the northern border, where living costs are higher. There, the 20% increase would take the minimum to about 375 pesos, or about $21.50.

Part of the increase in dollar terms comes from the peso’s appreciation against the dollar in the last year. The Mexican currency has risen by about 10% in value against the dollar since December 2022. That increase is largely attributable to the high inflow of remittances and high domestic interest rates, which make the peso attractive for investors.

More:Markets

Recommend

DWTS' Gleb Savchenko Shares Why He Ended Brooks Nader Romance Through Text Message 

Gleb Savchenko isn't dancing around his decision to end his romance with Brooks Nader.The Dancing Wi

U.S. military aircraft airdrop thousands of meals into Gaza in emergency humanitarian aid operation

U.S. military C-130 cargo planes on Saturday dropped food in pallets over Gaza, three U.S. officials

In 1807, a ship was seized by the British navy, the crew jailed and the cargo taken. Archivists just opened the packages.

The red sweater appears as if it was purchased yesterday – but it's been more than 200 years since t