SALARY IN MEXICO
Mexico is a very picturesque and interesting country with a large territory and large economy, located in North America. Despite a number of problems associated with high crime and corruption, the Mexican state is actively developing, attracting not only tourists, but also skilled labor migrants from different parts of the world.
The population of Mexico in 2020 is just under 129 million people. The unemployment rate is about 3%. It is preferable to look for a job in Mexico in large cities, such as the capital Mexico City. The country has about 68 recognized languages, but the vast majority of local residents speak Spanish. Let's find out what salaries in Mexico in 2020.
Minimum and average wage in Mexico
According to official information from the Mexican Ministry of Labor, from January 1, 2020 the minimum wage in Mexico is 123.22 Mexican pesos per day, which is equivalent to 5.1 U.S. dollars. Compared to last year, this figure has increased by 16.7%. In 2019, the minimum wage in Mexico was 102.68 pesos per day (about 4.3 dollars).
In order to increase competitiveness and reduce dependence on the United States, the National Minimum Wage Commission of Mexico (CONASAMI) introduced a daily rate of 185.56 pesos (7.7 dollars) for the Special Economic Zone. This includes municipalities located in close proximity to the national northern border (25 kilometers).
According to estimates of Mexican recruitment agencies and statistical agencies, the average salary in Mexico in 2020 is about 395 pesos per day, which is about $16. Accordingly, per month Mexican workers receive about 8,645 pesos (360 dollars), and per year about 103,740 pesos (4,320 dollars). Of course, compared to developed countries of the West, including the U.S. and Canada, this is very little.
According to the National Institute of Statistics and Geography of Mexico, only 0.5% of the 53.8 million workers in the country receive an average salary of 74,112 pesos per month (about $3 085). Experienced foreign specialists with a profession in demand for the local economy can earn from 1,000 dollars per month or more. In general, large Mexican cities offer an average monthly salary of 8,000-12,000 pesos ($335-500).
In conclusion, income tax rates in Mexico vary from 1.92 to 35% (annual income over 3,498,600.12 pesos). Non-residents are subject to income tax at rates ranging from 0 to 30% (annual income exceeding 1,000,000 pesos).
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