Mexican President Proposes 12% Annual Minimum Wage Hike

Mexican President Claudia Sheinbaum has announced plans to increase the country's minimum wage by 12% annually starting in 2025. She aims to reduce the working week from 48 to 40 hours, continuing efforts initiated by her predecessor, Andres Manuel Lopez Obrador, but previously not achieved.

Mexican President Claudia Sheinbaum has announced her intention to boost the country's minimum wage by approximately 12% annually, starting in 2025, to improve the financial conditions of workers. Her comments came during a Thursday press conference.

The current daily minimum wage in Latin America's second-largest economy is 248.93 pesos ($13.54), following adjustments by the previous administration. President Sheinbaum expressed her commitment to implementing the consistent annual hike to support the economy's labor force.

Additionally, President Sheinbaum plans to pursue the reduction of the working week from 48 to 40 hours. This initiative follows in the footsteps of efforts made by her predecessor, Andres Manuel Lopez Obrador, but which previously faced legislative hurdles.

(With inputs from agencies.)