16 January 2024
On January 10, 2024, the National Institute of Geography and Statistics published in the Federal Official Gazette the increase of the Measurement and Updating Unit (hereinafter “UMA” for its acronym in Spanish) for the year 2024.
BACKGROUND
In Mexico, the UMA was introduced in 2016 through a series of constitutional reforms, where Article 123 of the Mexican Constitution itself expressly stated the prohibition to use the minimum wage as an index, unit, base, measure or reference for purposes unrelated to its nature; in addition, reference was made to the fact that all mentions of the minimum wage as a unit of account, index, base, measure or reference to determine the amount of obligations and scenarios provided in federal, state laws or any other provision emanating therefrom, shall be understood to refer to the UMA.
UPDATE FOR 2024
The values that will be effective for 2024 and will come into force starting February 1st, are as follows:
In light of the above, in Bravo Abogados we would be happy to answer any question you may have regarding this legal alert.
52-81-24748538
www.j-bravo.com
Blvd. Antonio L. Rodríguez 3000, Colonia Santa María, 5to piso, Interior 501 Torre Albia, C.P. 64650 Mty, N.L., México T.
Regarding the above values, it is worth noting that, for the three-time intervals, the percentage growth variation with respect to the previous year is 4.66%.
In the business environment, the UMA is essential for calculating labor obligations, benefits, tax obligations and even limits in agreements. Its influence on fines and penalties makes it a critical factor for decision making, requiring constant vigilance for regulatory compliance and prevention of legal implications.
In light of the above, in Bravo Abogados we would be happy to answer any question you may have regarding this legal alert.
52-81-24748538
www.j-bravo.com
Blvd. Antonio L. Rodríguez 3000, Colonia Santa María, 5to piso, Interior 501 Torre Albia, C.P. 64650 Mty, N.L., México T.
