Minimum wage in Mexico will increase by 2023

Business leaders from the Consejo Coordinador Empresarial (CCE), Cámara Nacional de la Industria de Transformación (Canacintra), Confederación Patronal de la República Mexicana (Coparmex) and the Cámara Nacional de Comercio, Servicios Y Turismo de Mérida (Canaco), expect that the minimum wage for 2023 will not exceed 20 percent.

The businessmen explained that the inflationary issues being experienced in the country have put them at a crossroads; however, they said they are not opposed to changes such as vacation days and an increase in the minimum wage, but they hope that these changes in favor of the working base will be reflected in productivity.

In the case of the CCE and Canacintra, headed by Jorge Charruf Caceres, he expressed that for the sector he represents, the inflationary issues make them ask only to increase the minimum wage to 20 percent for next year.

“For this recovery to be real, at least the recovery of purchasing power must be higher than inflation without a doubt, but I think an average of 20 percent so that employees can recover their purchasing power without companies having an imbalance and losing jobs,” said Jorge Charruf Caceres, leader of the CCE and Canacintra.

Meanwhile, Beatriz Gómory Correa, leader of Coparmex, mentioned that although it is not a good time to increase expenses, it is expected that the increase will be between 15 and 25% based on the negotiations being carried out by the federal government with businessmen, which should be concluded shortly.

The Coparmex acknowledged that the financial burdens for companies are significant; therefore, a salary increase will be established that will not cause job losses next year.

On the other hand, the president of the Canaco of Merida, Ivan Rodriguez Gasque, warned that small and medium-sized companies should also be considered, since if the minimum wage were to rise above 25 percent, it would be difficult for businesses to maintain the wage increase with a certain number of basic workers.

TYT Newsroom