Mexico minimum wage rises to 80 pesos, falls in dollar terms

Markets Associated Press

Mexico has increased its minimum wage to just over 80 pesos a day, though its dollar value is down due to the peso's devaluation.

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The minimum wage this year was about 73 pesos, worth $4.20 when it was announced last December. Since then, Mexico's peso has declined from 17.35 for $1 to 20.56 for $1, as of Monday. That means the 80-peso minimum wage for 2017 is worth about $3.90.

Despite a government statement praising the increase in the minimum wage, it barely buys one Big Mac combo with fries and a drink.

About 6.9 million people in Mexico's 50.7 million-member workforce earn the minimum wage.

Manufacturing wages in Mexico average about $2.10 an hour in Mexico, compared to $20.60 per hour in the U.S.