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AMLO: minimum wage increase in Mexico by 2024 will be “considerable”

AMLO: minimum wage increase in Mexico by 2024 will be “considerable”

The increase of minimum salary for next year it will be “considerable,” the Mexican president anticipated on Wednesday, Andrés Manuel López Obradorwho hopes to make an announcement on the issue next month.

Since taking office as president of Mexico, López Obrador has increased the minimum wage every year, even well above inflation.

“Going into December we decide how much the increase in the minimum wage will be, it will be a considerable increase, we just have to seek consensus, agreement with the business sector,” he said Wednesday in his usual morning press conference.

By 2023, the minimum wage will increase by 20% year-on-year to about $355 per month. Despite the constant increases – which the president assures do not affect inflation – Mexico has one of the lowest salaries in Latin America.

According to a Mexican media, on September 28, the Employers’ Confederation of the Mexican Republic (Coparmex) spoke of a possible increase of between 11.5% and 12.5%, with the possibility of it approaching 20%.

With the increases that have occurred in recent years, the minimum wage has recovered 90% of its purchasing power, according to the Ministry of Labor and Social Welfare (STPS).

Source: Reuters

Source: Gestion

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