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Rolly


Dec 20, 2008, 7:37 AM

Post #1 of 3 (3820 views)

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2009 minimum wage numbers announced

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As most of us know, the basic minimum wage in México City is used to establish the minimum income requirements for FM2 and FM3 holders. It is also often used to set traffic fines and other government fees.

Being of the lazy persuasion, I have copied (with permission) a post by my friend Carol Schmidt from her website at www.fallinginlovewithsanmiguel.com

New FM3 and FM2 rates for 2009 can now be determined!
Big news: Mexico today released the new federal minimum daily wage levels for 2009, up 4.6 percent for inflation. (The actual inflation rate for Mexico is more than 6%. US Social Security checks will go up 5.8% in 2009, with no increase in the charge for Medicare Part B.)

Since the FM3 and FM2 minimum monthly income requirements are determined by the minimum daily wage for Mexico City, we can determine what we will need to qualify for the FM3 and FM2 for 2009.

Note that each immigration office is its own rules, and for 2008 I heard that various offices required from $1,000 to $1,500 a month to qualify for an FM3. SMA required $1,250 a month, which is about what the federal law specified.

Since the daily conversion rate for pesos to US dollars is around 13:1 or more now, we actually have to earn less in US dollars to meet the federal requirement.

The Mexico City minimum daily wage for 2009 will be 54.8 pesos.

The FM3 requirement is 250 times that, or 13,700 pesos.

At 13:1, that converts to $1,053 USD a month required to qualify for an FM3.

The FM2 requirement is 400 times that, or 21,920 pesos.

At 13:1, that converts to $1,686 a month required to qualify for an FM2.

Rolly Pirate


(This post was edited by Rolly on Dec 20, 2008, 11:05 AM)



Bethie

Dec 20, 2008, 10:56 AM

Post #2 of 3 (3793 views)

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Re: [Rolly] 2009 minimum wage numbers announced

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Thank you Rolly for posting the information!
Bethie


morgaine7


Dec 20, 2008, 11:13 AM

Post #3 of 3 (3787 views)

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Re: [Rolly] 2009 minimum wage numbers announced

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As always, very useful information. Thanks a lot, Rolly!

Kate
 
 
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