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Mexico raises minimum wages by 4 percent, to around US$4.85 (euro3.37) a day

Mexico raises minimum wages by 4 percent, to around US$4.85 (euro3.37) a day

Mexican authorities announced on Friday that the country's daily minimum wage will get a small increase in 2008, with urban wages to rise about 4 percent to 52.59 pesos, or about US$4.85 (euro3.37) a day, roughly the same as the current rate of inflation.
Workers in the Mexican countryside _ where lower wages prevail _ will see minimum wages rise by about the same rate, to between 49.50 and 50.96 pesos, or US$4.57 to US$4.70 (euro3.18 to euro3.27), a day, according to a minimum-wage commission representing the government, labor and industry.
The increases will take effect Jan. 1. They average almost exactly the current 4 percent 2007 inflation rate.
After losing ground in the 1990s, Mexico's minimum wage has recovered a bit of its purchasing power. In real terms, however, it still remains well below the value it had in 1994, when Mexico was hit by an economic crisis and the peso was devalued.
While only about one-fifth of Mexican workers earn the minimum wage _ the average wage is about 2.5 times higher _ it is used as a yardstick for calculating many salaries, taxes and fines.


Updated : 2021-04-12 12:55 GMT+08:00