On December 1st, 2023, the National Minimum Wage Committee approved an increase on the minimum wages for next year.
The Minimum Wage Commission determined that the increase on the minimum wage will be of 20%, comprising two concepts: (i) 6% as real salary increase; and (ii) 14% labeled as an Independent Increase Amount (“MIR”).
Therefore, the daily general minimum wage for 2024 will increase from $207.44 Mexican Pesos (approx. US$12.05) to $248.93 Mexican Pesos (approx. US$14.46).
For the northern border area, the daily general minimum wage will also increase in the same percentage, from $312.41 Mexican pesos (approx. US$18.15) to $374.89 Mexican pesos (approx. US$21.78).
It is worth mentioning that as of January 1st, 2024, all employees must have a salary equal or higher than the increased minimum wage.
Do not hesitate to contact us, if you require further information regarding this matter.
