Mexico’s Minimum Wage for 2024 Will Increase by 20 Percent

Quick Hits

• Effective January 1, 2024, the daily minimum wage rate in the Free Trade Zone of the Northern Border will increase to MXN $374.89 (about USD $21.83).
• Effective January 1, 2024, the daily minimum wage rate in the rest of the country will increase to MXN $248.93 (approximately USD $14.50).

Effective January 1, 2024, the daily minimum wage applicable will be MXN $374.89 (approximately USD $21.83) for the Free Zone of the Northern Border (Zona Libre de la Frontera Norte, ZLFN) and MXN $248.93 (approximately USD $14.50) for the rest of the country. The National Commission on Minimum Wages (Comisión Nacional de los Salarios Mínimos or CONASAMI) decided different considerations that would increase by total 20 percent for 2024, based on the consensus of the employment sector and the government.

The increase is comprised of a 6 percent fixed increase (that may be considered for other increases) and an independent recovery amount (Monto Independiente de Recuperación, or MIR) in accordance with the following:

• MIR for the ZLFN: MXN $41.26
• MIR for the rest of the country: MXN $27.40

The increase complies with minimum wage provisions of the United States-Mexico-Canada Agreement and the recommendations of the International Labour Organization (ILO). The increase for 2024 also is a reflection of Mexico’s continuous commitment to taking steps toward improving the standard of living for employees by bridging income gaps and promoting social equality.

Ogletree Deakins’ Mexico City office will continue to monitor developments and will provide updates on the Cross-Border and Wage and Hour blogs as additional information becomes available.

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