Coparmex Proposes Raising Minimum Daily Wage Mexico News Daily
go to original November 26, 2016

Gustavo Hoyos of Coparmex (El Democrata)

Described by some as a bold move, the Mexican Employers Federation (Coparmex) proposed that the minimum daily wage be increased from its current level of 73.04 pesos per day to 89.35 pesos before the end of 2017 (from US $3.54 to $4.33 at today’s exchange rate).

The president of the federation explained that the proposed salary would cover the value of  the “basic basket of goods” as it is defined by Coneval, the National Council for the Evaluation of Social Development Policy.

“The intention [of the wage hike] is to ensure that in an essentially short period of time the salary of someone employed in the formal sector is sufficient for human well-being,” said Gustavo Hoyos.

By making its proposal, which is significantly higher than previous annual increases, Coparmex is venturing into territory that has usually been occupied by left-leaning politicians.

In response, the Business Coordinating Council, or CCE, urged caution.

Read the rest at Mexico News Daily

Related: There Are Benefits to Hiking Minimum Wage (Mexico News Daily)

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