Mexico will experience an increase in Minimum salary substantial in 2024. This news was confirmed in mid-2023, and as we approach the new year, Andrés Manuel López Obrador (AMLO) has provided specific details about this improvement. This increase will benefit more than 35 million workers in Mexico. It is anticipated that the increase in the minimum wage will be in the range of 12% to 15%, with the objective of significantly improving the quality of life in Mexican households.
Throughout the current federal administration, there has been an increase in the minimum wage, going from 88.36 pesos throughout the country in 2018 to 207.44 in most of the national territory and 312.41 pesos on the northern border in 2023.
The National Minimum Wage Commission (Conasami), made up of representatives of the government, workers and employers, will have the responsibility of reaching an agreement for next year’s salary increase.
How much will the increase in the 2024 Minimum Wage be in Mexico?
The proposal to raise the Minimum Wage in Mexico seeks an increase of 15%, in line with one of the promises of the President of Mexico related to salary recovery. However, it is expected that negotiations between workers and the government could result in an increase closer to 20%, following the trend observed during the six-year term.
If a 20% agreement is reached, the minimum wage would go from 207.44 to 248.92 pesos per day in 2024, with an increase of 1,052 pesos per month. The agreement is expected to be reached in November, as companies typically plan their budgets for the next annual cycle in September and October. It should be noted that the National Minimum Wage Commission (Conasami) has reported that in the last 5 years, Mexico has recovered 88.6% of the minimum wage.
Andrés López Obrador on increasing the Minimum Wage 2024
In La Mañanera, AMLO took a moment to discuss the increase in the minimum wage for the year 2024: “I am about to meet with the members of the minimum wage commission, since at the beginning of December we will decide the amount of the increase, and it will be considerable”he mentioned in the morning press conference on Wednesday, November 8.
Salary increases in the AMLO government
Since López Obrador assumed the presidency of the country, each year, this variable has experienced a notable increase since then.
Year | Amount |
---|---|
2018 | $80.44 pesos. |
2019 | $102.68 pesos. |
2020 | $172.87 pesos. |
2021 | $141 pesos. |
2022 | $172 pesos. |
2023 | $207.44 pesos. |
2024 | It is expected to be $248, yet to be defined. |
Benefited from the increase in the Minimum Wage 2024
The increase in the Minimum Wage will have a positive impact on formal employees affiliated with the Mexican Social Security Institute (IMSS). It is important to note that, although not all workers in this category will benefit, it is estimated that approximately 6.4 million employees who currently receive the Minimum Wage, which is equivalent to around 30% of this group of registered workers, will be benefited by this measure.
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