Mexico’s minimum wage will rise by 20% next year, to about $14.25 per day

2024-12-25 23:44:52 source:lotradecoin scam prevention tips category:Stocks

MEXICO CITY (AP) — Mexico’s president said Friday the country’s minimum wage will rise by 20% in 2024, to the equivalent of about $14.25 per day.

About one-third of Mexico’s registered workers report earning the minimum wage, which will amount to about $1.75 per hour starting Jan. 1.

In pesos, the minimum will rise from about 207 pesos to about 248 pesos. The minimum is higher in areas along the northern border, where living costs are higher. There, the 20% increase would take the minimum to about 375 pesos, or about $21.50.

Part of the increase in dollar terms comes from the peso’s appreciation against the dollar in the last year. The Mexican currency has risen by about 10% in value against the dollar since December 2022. That increase is largely attributable to the high inflow of remittances and high domestic interest rates, which make the peso attractive for investors.

More:Stocks

Recommend

'The Later Daters': Cast, how to stream new Michelle Obama

A new reality dating series produced by former First Lady Michelle Obama sheds light on an often und

6 people hit by car in D.C. hospital parking garage

Six people have been hospitalized after they were hit by a car inside a Washington, D.C., hospital p

SEC charges Digital World SPAC, formed to buy Truth Social, with misleading investors

The Securities and Exchange Commission on Thursday charged a so-called "blank check" acquisition com