Sheinbaum's Economic Vision: Raising Mexico's Minimum Wage

Mexican President Claudia Sheinbaum plans to increase the minimum wage by 12% annually and address wage disparity. Her administration aims to elevate the wage to cover 2.5 basic food baskets while also passing reforms for women's rights and reducing the work week to 40 hours.

Claudia Sheinbaum, the newly inaugurated Mexican President, is setting an ambitious economic agenda that includes a proposed 12% annual increase in the nation's minimum wage. This initiative aims to boost the income of the 40% of Mexicans currently earning at or below the minimum.

Sheinbaum's plan reflects her support of policies advanced by her mentor, Andres Manuel Lopez Obrador, who previously facilitated substantial wage hikes. These adjustments are geared toward enhancing workers' purchasing power, allowing them to afford 2.5 basic food baskets, up from the existing 1.6.

The president also announced intentions to cut the work week from 48 to 40 hours, a reform that faced resistance under the previous administration. Additionally, she unveiled measures to support women's rights, including ensuring equal pay for equal work, marking a progressive step in her early days in office.

(With inputs from agencies.)