The value of a single sheet of paper, when considered in relation to the minimum wage in Mexico, represents an equivalent of 165.00 MXN pesos. This amount, approximately two days' wages at the rate of 82.50 MXN per day, serves as a tangible representation of the economic struggles faced by a significant portion of the population. As of January 1, 2016, the National Commission on Minimum Wages (CONASAMI) approved a general minimum wage increase of 4.2%, bringing the daily rate from 70.10 MXN to 73.04 MXN. Despite this modest increase, the minimum wage in Mexico remains among the lowest in Latin America, with an estimated seven million citizens struggling to make ends meet on these wages.
This issue has been at the forefront of political discourse in recent years, with Mexico City's mayor, Miguel Angel Mancera, advocating for a significant increase to the minimum wage, proposing a rate of 86.33 MXN per day. However, even this proposed increase falls far short of the wages considered necessary to achieve a basic standard of living in comparison to the wages earned in developed countries like the United States and Europe.
The minimum wage serves as a manifestation of the broader societal issues stemming from the deregulation of finance and labor market flexibilization, which have had a detrimental effect on democracy itself. The persistent stagnation and insufficient increases in the minimum wage serve as a glaring example of the systemic failures that pervade contemporary economic discourse. The case of property taxes, the degree of openness and flexibility of financial markets, and the goals governing the monetary policy of the Bank of Mexico all serve to further compound this issue.
*Minimum Wages in Mexico are reported by Banco de Mexico (Bank of Mexico).
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Year: 2012-2014
Medium: Graphite on Canson paper
Dimensions: 22.9cm x 30.5cm ea.
