Mexico City, Mexico — The National Commission for Minimum Wages has approved a wage increase for Mexico.
As of December 1, the new minimum wage in Mexico will be 88.36 pesos per day, an increase of 8.32 pesos per day. The current minimum salary in Mexico is 80.04 pesos per day.
The approved rate was reported by the Employers Confederation of the Mexican Republic.
President Enrique Peña Nieto confirmed the figures and declared that it is not a minor adjustment, since he recalled that at the beginning of his administration the minimum wage was 60 pesos a day.
During the signing of an agreement to strengthen employment, the Executive Branch explained that during the last five years, the minimum wage has had a recovery of 20 percent in real terms, discounting the inflationary factor, and 45 percent in nominal terms, which It had not happened in 30 years.
The National Commission for Minimum Wages, which proposed an increase to 95.24 pesos a day, called the increase a “limited advance,” because it was cut to cover the line of welfare established by the National Council for the Evaluation of Social Development Policy.
In a press release, “Coparmex estimates that the increase agreed in CONASAMI is a limited halfway advance, so that all people working in the formal economy obtain at least 100 percent required to satisfy the food basket and the non-food basket in urban centers, that is, to reach the Wellness Line (press release),” they said.
Mexico has had differences with the United States and Canada regarding the wage issue in the renegotiation of the North American Free Trade Agreement (NAFTA).
Mexico’s business partners, especially Canada, have proposed to improve working conditions in the national territory. Unions from these countries say that the low wages of Mexican workers make competition with other nations difficult.