After reaching an agreement between employers and workers, the Government of Mexico has presented its plan for increase the Minimum Wage in 2024. This increase is planned to benefit more than 6.4 million formal employees, according to the information provided by the relevant authorities. Below, we will provide you with details on when this measure will come into effect and what the new salary will be for your occupation or profession. We encourage you to review this information and share it with your friends and family.
The 2024 presidential candidate, Sheinbaum, shared a graph that illustrates the change in the Minimum Wage in Mexico since the government of Carlos Salinas de Gortari in 1988, highlighting a slight increase at the end of Enrique Peña Nieto’s term. Sheinbaum criticized the strategy of previous governments that promoted cheap labor instead of focusing on the value of Mexican workers and the well-being of the country, arguing that this is not a way to show love for Mexico.
What will be the increase in the Minimum Wage in Mexico?
According to Coparmex, the proposal to increase the Minimum Wage in Mexico aims at an increase of 12.5%, with the purpose of fulfilling one of the promises of the President of Mexico regarding salary recovery. However, it is expected that the position of workers and the government could lead to an increase closer to 20%, as has been the trend during the six-year term. It is relevant to note that the National Minimum Wage Commission (Conasami) has stated that in the last 5 years, Mexico has managed to recover 88.6% of the Minimum Wage.
Who will benefit from the increase in the Minimum Wage?
The increase in the Minimum Wage will benefit formal employees registered with the Mexican Social Security Institute (IMSS), although not all workers in this category will receive said benefit. According to statistics, this increase will reach 6.4 million workers who currently earn the Minimum Wage, which represents approximately 30% of this group of registered employees.
How much should you earn in 2024 according to your occupation?
In the border area, all jobs will receive a salary of $312.41, without any exception. However, in the rest of the country, the amounts vary depending on the profession or occupation. For example, a bricklayer will earn $239.31 in other regions of the Republic, while a general cargo truck driver will receive a salary of $244.22.
Vacation table 2024 in Mexico
After the reform of the Labor Law, the vacation table was modified and has been in force since January 1, 2023. These changes occur, for the first time, after 52 years, since it was enacted in 1970. Below , we present the aforementioned reforms to you.
- From 1 year: 12 days of vacation
- From 2 years: 14 days of vacation
- From 3 years: 16 days of vacation
- From 4 years: 18 days of vacation
- From 5 years: 20 days of vacation
- From 6 to 10 years: 22 days of vacation
- From 11 to 15 years: 24 days of vacation
- From 16 to 20 years: 26 days of vacation
- From 21 to 25 years: 28 days of vacation
- From 26 to 30 years: 30 days of vacation