Mexico City, Dec 1 (AP) Mexico's president said on Friday the country's minimum wage will rise by 20 per cent in 2024, to the equivalent of about USD 14.25 per day.

About one-third of Mexico's registered workers report earning the minimum wage, which will amount to about USD 1.75 per hour starting January 1.

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In pesos, the minimum will rise from about 207 pesos to about 248 pesos. The minimum is higher in areas along the northern border, where living costs are higher. There, the 20 per cent increase would take the minimum to about 375 pesos, or about USD 21.50.

Part of the increase in dollar terms comes from the peso's appreciation against the dollar in the last year. The Mexican currency has risen by about 10 per cent in value against the dollar since December 2022.

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That increase is largely attributable to the high inflow of remittances and high domestic interest rates, which make the peso attractive for investors. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)