People often describe Mexico as being one quarter or one fifth as rich as the US, based on earnings per capita. That's a somewhat deceptive stat. The rich in Mexico earn more than a quarter of what their American counterparts do, and I'd say the upper middle class typically does as well. But the poorest earn much less than that fraction.
Saturday, December 19, 2009
More Money (But Just a Bit) for Those Who Most Need It
Mexico's minimum wage is on its way up, jumping about 5 percent to between 54 and 57 pesos per day, depending on the region. That's just over $4 for an entire workday for the poorest earners in the formal economy, or one eighteenth of what one would earn during a ten-hour minimum-wage workday in the US.
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