Monday, December 15, 2014

Yucatán employers pay lowest wages in Mexico

Mérida, Yucatán -
The Mexican Social Security Institute (IMSS) has reported that Yucatán employers pay the lowest wages in the nation, averaging 211 pesos a day ($14.31 USD), or 6,541 monthly ($443.46 USD).

Both amounts represent gross pay, before deductions for payroll taxes and retirement accounts.

Workers in the Federal District, who are the highest paid in the nation, earn on average 48% more ($27.39 daily, $849 monthly).

Mexico's national median wage is $19.32 daily, or $599 monthly. Wages in the Federal District, Campeche, Querétaro and Nuevo León all exceed the median.

Mexico's 2014 minimum wage is just over $5 dollars per day, but pending legislation in the nation's capital would raise it. Proposal for minimum wage increase finds impetus in Federal District.

*U.S. equivalents are based on the exchange rate at the close of business today - approximately 14.75 pesos to the dollar.

Almost 57% of the Mexican active labor force (52.4 million persons) toil in the "informal economy," off the IMSS books. Such workers pay nothing into the system and are entitled to little or nothing in return. Mexican economy continues to shed jobs. In July 2013 the Enrique Peña Nieto administration announced a National Crusade Against Informal Employment, but results have been slow to arrive. EPN announces plans to get more workers on real payrolls. Social attitudes and sluggish economic performance over the last two years are the culprit.

Dec. 20, 2014 - The Mexican minimum wage in 2015 will be $4.68 USD daily. The lower dollar value is due to the peso's recent dramatic decline. U.S. dollar skyrockets against sliding Mexican peso.

Jan. 14, 2015 - The Yucatán Secretary of Labor has announced that effective Mar. 1, the state's minimum wage will rise by 1.72 pesos, to 68.17 daily ($4.67 USD per day).

July 29, 2012 - Yucatán has well-educated labor force, but offers one of Mexico's worst job markets
July 14, 2013 - Over 60% of Jaliscans earn less than subsistence income
Aug. 24, 2013 - Mexican unemployment stats paint a bleak picture for the most well educated
May 2, 2014 - Jalisco wage earners average $15 per day

© MGR 2014. All rights reserved. This article may be cited or briefly quoted with proper attribution or a hyperlink, but not reproduced or rewritten without permission.

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