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

MEXICO CITY (AP) — Mexico’s president says its 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 10% appreciation against the dollar in the last year.