The Average Salary In Mexico [Guide 2024]

Mexico has a population of nearly 130 million and boasts rich cultural, geographical, and other advantages, such as natural resources. It is one of the 15 largest economies in the world and the second-largest in Latin America.

The country has solid macroeconomic institutions, is open to trade, and has a diversified manufacturing base connected to global value chains.

Despite an 8.0% decline in 2020 due to the COVID-19 pandemic, the Mexican economy bounced back with a growth of 4.7% in 2021 and a further growth of 3.1% in 2022.

According to UNCTAD, it is among the most attractive foreign direct investment destinations. It widely offers a range of competitive salaries and business market growth.

Average Salary In Mexico

The average salary in Mexico is roughly 350,000 pesos per year, which, when converted to USD, amounts to approximately USD 17,000 each year.

In 2024, the average monthly wage in Mexico will be around 883 USD, with an average annual salary of about 10,696 USD.

Average salary in Mexico City

The average salary in the Salary Survey 2024 is 1,014,075 MXN, which is USD 59,742. The standard wage for men is 1,101,628 MXN, and the average salary for women is 806,276 MXN.

Median Salary

The median salary in Mexico is calculated in pesos and fluctuates greatly depending on various factors. As of 2023, the Mexican minimum wage is MXN 141.70 per day, which equals around USD 7.11. (MXN represents Mexican pesos.)

Minimum Salary

The minimum wage is the lowest salary paid daily.

Starting in January 2024, the general minimum wage will be 248.93 pesos per day, up 20 per cent from 207.44 pesos. The minimum wage in Mexico’s north border zone will be 374.89 pesos per day, which is around 20 per cent of the previous wage.

Average Salary Based on the Major Cities

Recognizing that these values represent averages and can fluctuate based on industry specifics, work experience, and other factors is essential.

While Mexico’s salaries are higher than those in popular outsourcing destinations like India and the Philippines, they remain lower than those of developed countries like the US and the UK.

Guadalajara

The average annual salary in Guadalajara is slightly lower than in Mexico City. The standard earnings here are around 500,000 pesos a year (approximately USD 25,000).

Monterrey

Monterrey also falls within a similar salary range as Mexico City and Guadalajara. The average annual salary is comparable to that of other major cities in Mexico.

Cancun

The average annual salary in Cancun, a popular tourist destination, is approximately 38,900 MXN. This city offers a unique blend of beach life and vibrant culture, but salaries are generally lower than those in larger metropolitan areas.

Annual Salary Increment In Mexico

Mexico’s average annual salary increment varies according to the employee’s experience and job. Generally speaking, an employee with less than one year of experience can anticipate an average yearly wage rise of 11.8%.

However, as to the agreement, the 6% fixed increase is fixed by the following:

• MIR for the ZLFN: MXN 41.26
• MIR for the rest of the country: MXN 27.40

Increased wages comply with the United States-Mexico-Canada Agreement and the International Labour Organization (ILO) recommendations.

Minimum and Maximum Wage data

In 2021, the minimum wage in Mexico was about MX$141 per day, around US$7. In the north of Mexico, in the states that border the US, workers enjoy a higher minimum wage of MX$213, over US$10 per day.

Here is general data on wages in Mexico;

Source: take-profit.org

Salary based on Profession

Source: Pay lab,

Average Salary Based On Education

Education levels significantly influence the average salary in Mexico, like:

High School Diploma

Employees with a high school diploma earn an average monthly salary of 11,603 pesos, or about USD 675.

Bachelor’s Degree

Individuals with a bachelor’s degree earn an average of 16,974 pesos per month. In terms of annual income, this amounts to around USD 988.

Master’s or Doctoral Degree

Those with master’s or doctoral attainment earn significantly more. Their average monthly salary is more than 29,200 pesos (the median wage in Mexico). In terms of percentage, they earn 143% more than their peers without upper secondary attainment.

Rising Industries In Mexico City

Information Technology (IT) and Software Development

Mexico has a thriving economy, and several industries contribute to its growth. One such industry is Information Technology

Manufacturing and Automotive Sectors

Another global hub of industry is the manufacturing and automotive sectors. Major car manufacturers and assembly plants operate here, contributing significantly to exports and employment. The manufacturing sector also extends to other industries, including electronics and aerospace.

Business Process Outsourcing (BPO)

This industry in Mexico has been gaining prominence as an attractive destination for outsourcing services. Mexico offers affordable solutions and a skilled workforce, making it an appealing BPO destination. In 2020, the BPO industry in Mexico (unity-connect) generated a total revenue of $2.3 billion.

U.S. businesses are increasingly exploring nearshore outsourcing solutions in Mexico. Various American companies outsource to Mexico, including Curtiss-Wright, Honeywell, Medtronic, and Molex.

Call centre operations account for over 70% of all BPO services in Mexico, with telemarketing companies operating in urban areas like Mexico City.

Creative and Digital Marketing

Mexico’s creative workforce excels in digital marketing, content creation, and design. Agencies provide social media management, graphic design, and branding services.

Healthcare and Medical Services

Mexico has become a sought-after destination for medical outsourcing. Services include medical transcription, telemedicine, and healthcare software development. The country’s skilled talent pool ensures high-quality healthcare solutions.

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An overview analysis  of the factors affecting the Average Salary in Mexico

Mexico has competitive advantages in several areas, including transparency in customs, openness to multilateral trade agreements, etc. U.S. businesses are attracted to Mexico’s low labour costs. Since Mexico’s cost of living is much lower than that of the U.S. The average wage is lower in Mexico than in the U.S.

Besides, companies in Mexico have various industries, including major financial institutions, that offer their employees handsome salary packages.

The two most lucrative professions are properties and real estate, with an average salary of 1,639,712 MXN, and insurance, with an average salary of 1,519,194 MXN.

The IT sector is also booming, known for innovation and well-paying jobs in software development, cloud computing, and cybersecurity. However, there are also low-paying industries like agriculture, retail, hospitality, and many more.

Alongside these sectors, experience, and education play a significant role in determining the salary and position of an employee working in Mexico.

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Conclusion

Mexico would grow at a 3.5% annual average rate (pwc) over the next three decades, a rate superior to that of developed economies.

Mexico has considerable potential to do international business with a strong economy. Trade relations with other countries are strong, and foreign investors find it attractive. Hence, it is crucial to do proper research before investing in relocating to the region.

I hope this blog helped you gain better insights into Mexico, including its average salary range, minimum wage policies, and businesses