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Mexico’s minimum wage rises to 7,508 pesos per month ($429 USD) in 2024

Mexico City, Mexico — Mexico’s minimum wage will be increased by another 20 percent for the start of the new year. As of January 1, 2024 minimum wage in Mexico will officially be 249 pesos per day, around $14 USD, or 7,508 pesos per month, approximately $429 USD.

The announcement was made by President Andrés Manuel López Obrador Thursday.

“Today we celebrate five years in the government and what better than to report on (…) that an agreement was reached with the labor sector, with the business sector, to increase the minimum wage by 20 percent starting on January 1st ,” he said.

“It means that we are going to fulfill what we offered at the beginning of our government to double the minimum wage in real terms,” he added.

In the Treasury Room of the National Palace, he explained that the minimum wage in 2018, the year of Enrique Peña Nieto’s six-year term, was 88 pesos a day and next year it will rise to 249 pesos as a result of the consensus reached between the business and public work sectors during his term.

“What better way to commemorate the five years of our government by demonstrating that progress is possible,” he added.

In the Free Zone of the Northern Border, wages will increase to 375 pesos per day starting on the first day of 2024 for which they will receive 11,403 pesos per month , he explained.

“This has not happened for at least 50 years, which is why I say it is historic. (…) It is a good goal for our government to have achieved this consensus,” he expressed before media representatives.

During his announcement, AMLO thanked the businessmen who accepted the increase.