Mexico to Increase Minimum Wage by 20% in 2024

The new wage, affecting one-third of registered workers, will be about $14.25 per day, with higher rates in northern border areas due to living costs.

Mexico's minimum wage will increase by 20% in 2024, raising it to about $14.25 per day.
Approximately one-third of Mexico's registered workers report earning the minimum wage.
The new minimum wage will equate to roughly $1.75 per hour starting January 1, 2024.
In areas along the northern border, where living costs are higher, the minimum wage will rise to about 375 pesos, or about $21.50.
The peso's appreciation against the dollar over the past year, due to high inflow of remittances and high domestic interest rates, partially accounts for the increase in dollar terms.