New Minimum Wages Effective January 1, 2024

New Minimum Wages Effective January 1, 2024

December, 2023

Today, the resolution of the Council of Representatives of the National Minimum Wage Commission (CONASAMI) setting the general and occupational minimum wages that will be in effect as of January 1, 2024, was published in the Official Gazette of the Federation (DOF).

Accordingly, the new minimum wages are: • General minimum wage: $248.93 pesos per day. • Minimum wage for the Northern Border Free Zone: $374.89 pesos per day. As in previous years, and to arrive at the amounts indicated above, CONASAMI agreed to a 20% wage increase for both zones with respect to the general minimum wage, comprising $27.40 pesos per day as an Independent Recovery Amount (MIR) plus a fixing increase of 6%, resulting in an amount of $248.93 pesos per day (current minimum wage ($207.44 pesos) + MIR ($27.40 pesos) + 6% = $248.93). For its part, for the Northern Border Free Zone, a MIR of $41.26 pesos per day was agreed upon, plus the 6% fixing factor (current minimum wage ($312.41 pesos) + MIR ($41.26 pesos) + 6% = $374.89). It is important to note that the MIR must not be used as a benchmark for setting increases to the other wages in effect in the labor market; however, the occupational minimum wages for trades, professions, and special jobs will undergo a 20% increase in both geographic areas. Likewise, it is important to mention that the 6% wage increase is above inflation levels, which may have a direct impact on the review/negotiation of collective bargaining agreements, so it will be necessary to review their terms in order to analyze the possible impacts. For more information and to learn the occupational minimum wages, please consult the main page of the Official Gazette of the Federation, at this link. Should you require additional information, please contact: Rodolfo Trampe, Partner:+52 (55) 5258-1054 | rtrampe@vwys.com.mx Rafael Vallejo, Partner:+52 (55) 5258-1036 | rvallejo@vwys.com.mx Adrián Castillo, Counsel:+ 52 55 5258 1036 | adcastillo@vwys.com.mx Alejandra Arizpe, Associate:+52 (55) 5258 1014 | aarizpe@vwys.com.mx Sarah Gibert, Associate:+52 55 5258 1036 | sgibert@vwys.com.mx Ana Ruiz, Associate:+52 55 5258 1036 | aruiz@vwys.com.mx Alejandro Pérez, Associate:+ 52 55 5258 1054 | alperez@vwys.com.mx Ricardo Rosas, Associate:+ 52 55 5258 1054 | rrosasg@vwys.com.mx

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