He Minimum Wage in Mexico will suffer a significant increase by 2024. This news has already been confirmed in mid-2023 and as we approach the new year, Andrés Manuel López Obrador (AMLO) has provided details about what this increase will be, which would benefit more than 35 million workers in Mexico. The increase in the minimum wage is expected to be between 12 to 15%, with the purpose of bringing a better quality of life to Mexican homes.
What did AMLO say about the increase in the Minimum Wage for 2024?
In La Mañanera, AMLO took a minute to talk about the increase in the minimum wage for 2024: “I am about to receive the members of the minimum wage commission because going into December we will decide how much the increase will be, and it will be a considerable increase.”he noted on the morning of Wednesday, November 8 at a press conference.
How much will the increase in the 2024 Minimum Wage be in Mexico?
According to Coparmex, The proposal to increase the Minimum Wage in Mexico points to an increase of 15%, 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