On December 16, 2020, the National Minimum Wage Commission
("CONASAMI" for its acronym in Spanish) announced that
Mexico's minimum wage would increase to $141.70 Mexican pesos
per day, effective January 1, 2021. It appears the new minimum wage
was determined by adding $10.46 Mexican pesos through the so-called
Independent Recovery Amount (MIR) and applying a 6% percentage
increase. The MIR is a fixed peso amount intended to maintain the
purchasing power of the minimum wage. Therefore, the minimum wage
in force for 2021 implies a global increase of 15%. Note, however,
that the formal communication issued by CONASAMI does not refer to
the MIR, so we will need to see how the minimum wage increase is
published in the official gazette within the next couple of
weeks.
