Increase in the minimum wage in 2024: its effects and conditions in the Mexican labor market

Authors

  • Luis Antonio Andrade Rosas
  • Cesaire Chiatchoua

Keywords:

salary increase, perception, labor market conditions, subsidies.

Abstract

During the current administration, increases in the minimum wage have averaged 20%. On december 1, 2023, CONASAMI announced that the increase in the minimum wage will be 20% for 2024, the same as in 2023. Contrary to what COPARMEX estimated at 12% and within the limit that some analysts estimated between 15% and 20%. Based on estimates of labor supply and demand, this report presents the effects of this increase on the labor market. In particular, it is observed that the valuation of workers and subsidies by the government are key so that the 20% increase in the minimum wage does not have a considerable impact on the imbalances in the labor market.

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Author Biographies

Luis Antonio Andrade Rosas

Research professor at La Salle University, Mexico City landrade@lasalle.mx

Cesaire Chiatchoua

Research professor of the postgraduate studies and research section, Higher School of Economics, IPN.

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Published

2023-12-11

How to Cite

Andrade Rosas, L. A., & Chiatchoua, C. (2023). Increase in the minimum wage in 2024: its effects and conditions in the Mexican labor market. Revista Internacional De Salarios Dignos, 5(2), 74–85. Retrieved from https://revistasinvestigacion.lasalle.mx/index.php/OISAD/article/view/3989

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