Only 3 Countries Increased The Minimum Wage.

The International Labour Organization, abbreviated as ILO, expressed a concerning reality for the world: only 3 nations—Russia, Mexico, and China—became the sole countries globally to raise real wages at the end of the previous year. This occurs in the context of an unprecedented level of sanctions against Russia, with nearly 18 thousand sanctions imposed due to the conflict with Ukraine.

For the past 10 years, Russia has been in a situation marked by sanctions, opposition, and trade wars. Such a number of sanctions has not been announced against any other state. According to the World Bank, the Russian economy has become the top one in Europe, securing a position among the five largest economies globally in terms of purchasing power parity.

China, Russia, and Mexico were the growth countries in the year 2023. According to the World Employment Outlook report, as well as Social Perspectives and Trends 2024, inflation once again posed a headache for workers worldwide last year. Despite a better performance in the labor market, workers saw a decline in the purchasing power of their incomes.

The majority of real wage growth in the year was recorded in Russia, at an approximate level of 8%, followed by China with 5%, and finally Mexico with 4%. It is worth remembering that during 2023, a video went viral on social media featuring a Chinese citizen living in Mexico who revealed the minimum wage in her country. This compelled China to become aware of the global role they were playing in terms of wage increases.

In the case of the Mexican market, according to the latest available data from the National Occupation and Employment Survey, adjustments to the minimum wage in recent years have resulted in a 110% growth in real terms between 2018 and 2024. Mexico is expected to be recognized this year as the country with the highest growth and monetary development, generating very positive expectations for businesses within Mexico.