The minimum wage will increase 20 percent in 2023 and this will impact pensions. However, not all of them will benefit from this increase, as established by the law of Mexican Social Security Institute.
The National Minimum Wage Commission (Conasami) is the body that discloses the annual percentage of increases and has already announced a 20 percent increase by 2023.
The real increase in the minimum wage in Mexico it goes from $172.87 in 2022 to $207.44 pesos per day by 2023. This in most of the country, since in the north it will be a little higher.
This difference does not apply to all the territories of the border states with the United States, but to municipalities that adjoin the northern neighbor.
These are 43 municipalities that are in the states of Baja California, Sonora, Chihuahua, Coahuila, Nuevo León and Tamaulipas.
In the border area, the minimum wage for 2023 will be $312.41 pesos. For pension purposes, the IMSS does not take this value into account, but rather the minimum for the entire country.
So, the minimum wage rises from $172.87 (2022) to $207.44 (2023) throughout the country, except for the 43 mentioned municipalities in the northern zone. The increase is from January 1, 2023.
Do pensions go up if you increase the minimum wage?
In this case of minimum wage increase, not necessarily increase all pensions. Which yes it increases is the guaranteed pension of the IMSSalso known as guaranteed minimum pension.
It is important to know that all pensions will increase in 2023both from the IMSS and the ISSSTE, based on the National Consumer Price Index, which is an update for a matter of the inflation.
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So you should know that the pensions that will be 20% higher in 2023 will be those that are processed and granted as of January 1, 2023. This will not apply to all pensions, but only for guaranteed minimums.
This means that if you already have a guaranteed minimum pension that was determined in years prior to 2023, your monthly amount will not increase 20 percent in 2023.
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If you are currently in the process of retiring and you know that the one that touches you is a guaranteed minimumthe best thing is to advise and assess start the process beginning in January 2023.
This is because of the following: If you are about to retire and they give you the guaranteed minimum of 2022, they will give you $5,833 pesos per month, but If you wait until January it will be $7,138 pesos. That’s why you should wait.
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The guaranteed minimum IMSS pension for 2023 could be around $7 thousand 138 pesos according to the values taken to determine this benefit and in relation to the daily minimum wage of 2023.
The guaranteed minimum pension is granted to people who, when processing this benefit, do not meet a decent income due to having few weeks and low wages. In these cases, the guaranteed pension is given.
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Again, people with higher pensions will not see a 20 percent increase in 2023, nor will those with the guaranteed minimum.
In these cases, it could be an increase of approximately 8.5 percent, according to projected inflation for 2023. However, this has not yet been determined and will begin to be reflected as of February 1, as every year.
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In conclusion, the 20% increase in pensions that corresponds to the increase in the minimum wage for 2023 will only apply to the new guaranteed minimum pensions from January 1, 2023 onwards.
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