Do you have employees in Mexico? If so, listen up! The Mexico Minimum Wage Increase for 2017 was announced on December 1, 2016!
On December 1, 2016, the National Minimum Wages Commission (CONASAMI) approved two new increases to the minimum wage.
The first increase was designated as an “independent recuperation amount” to compensate for the government’s failure to adjust the minimum wage during 2016, due to various worldwide economic issues. The second increase represents the rate that is typically approved for annual wage increases. (3.9%) All of this math means the daily minimum wage in Mexico will increase from $73.04 to $80.04 pesos as of January 1, 2017.
You: AMERICAN DOLLARS PLEASE!!
Me: Okay, Okay! $80.04 pesos = $3.92 USD as of today.
Companies who have employees in Mexico should review and adjust their payroll practices to comply with this new minimum wage increase.
Until Next Time, Be Audit-Secure!
Lisa Smith
About LISA SMITH
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