President AMLO announces new increase in the minimum wage: 20% as of January 1

Presidency of the Republic | December 1, 2023 | Release

This is an automated translation of the press release issued in Spanish

Mexico City, December 1, 2023.- “This is historic, because it means that we are going to fulfill what we offered at the beginning of our government, to double the minimum wage in real terms.”

This was said by the President of the Republic, Andrés Manuel López Obrador, when announcing the agreement between the government, the business sector and the labor sector to increase the minimum wage by 20 percent as of January 1.

The first president recalled that the SM was 88 pesos per day at the beginning of this government, that is, two thousand 687 pesos per month. With the sixth increase in this administration, as of January 1 it will be 249 pesos per day or seven thousand 508 pesos per month.

He highlighted that the increase is even more satisfactory in the case of the Northern Border Free Zone, since it will go from 88 pesos per day in 2018 to 375 pesos per day starting next January 1. Monthly it goes from two thousand 687 pesos per month to 11 thousand 403.

“This has not happened for at least 50 years, which is why I say it is historic. It is necessary to thank the support of the labor sector and the business sector, especially the latter, because they accept the increase. That is, there was an agreement, the increase is carried out by consensus.”

After recalling that the next agreement will correspond to the new person holding the Presidency of the Republic, he said that during this government six negotiations were carried out between the three sectors, and consensus was achieved in five.

“Today I am going to invite the representatives of the labor sector and the business sector to join us on Monday or Tuesday of next week, so that they can explain their reasons. But in advance, thank you very much for your participation.”

He highlighted that during the neoliberal governments the SM lost up to 70 percent of purchasing power, with the level of inflation always high:

“Just to get an idea of the damage that neoliberals caused to the popular economy. Therefore, only being a masochist would one be thinking about the return of the neoliberals, the return of the corrupt conservatism that dominated for 36 years in our country in recent times.” --