• Financial Times

Mexico to raise minimum wage to $5 a day

Mexico’s new government will raise the minimum wage to 102.68 pesos ($5.1) per day from next year, a 16 per cent rise from the previous level of 88.36 pesos, said business confederation Coparmex, which has long lobbied for the move. President Andrés Manuel López Obrador was due to attend a meeting later today with Consami, the national minimum wage commission, which would announce the decision. “The proposal and actions of the Confederación Patronal de la República Mexicana [Coparmex] to establish a new salary culture in the country are reaching their first objective,” the business group said in a statement. It added that for the first time since 1995, the minimum wage would be in line with the poverty line established by the National Council for Social Development Policy (Consar). Consami had also set a new salary of 176.72 pesos a day for a 25-km wide band along the US border, where the government is hoping to boost development by cutting corporate taxes. Mr López Obrador had committed to doubling the national wage in the border strip. The Bank of Mexico has expressed caution in the past on the issue of raising the minimum wage, which some fear could stoke inflation. Mr López Obrador said during an early morning news conference that “the instruction given to Labour Secretary Luisa María Alcalde was to reach an agreement with workers, their representatives and businesses and also to consult the Bank of Mexico. I have information that was done”.

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