Mexico's Unit Of Measure And Update (UMA): New Values To Increase On February 1, 2018 - Employment and HR - Mondaq Mexico - Mondaq Business Briefing - Books and Journals - VLEX 701285749

Mexico's Unit Of Measure And Update (UMA): New Values To Increase On February 1, 2018

Author:Mr Pietro Straulino-Rodriguez and Ana Paula Delsol Espada
Profession:Ogletree, Deakins, Nash, Smoak & Stewart
 
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On January 10, 2018, Mexico's National Institute of Statistics and Geography issued in the Official Gazette of the Federation the daily, monthly, and annual value of the Unit of Measure and Update (UMA) that will become effective on February 1, 2018.

The Law to Determine the Value of the Unit of Measure and Update provides a calculation method to determine and update the UMA's value every year in Mexico. Beginning in February of 2018, the values will be the following:

Daily: Mex$80.06 Monthly: Mex$2,450.24 Annual: Mex$29,402.88 Daily: USD$4.21 Monthly: USD$128.96 Annual: USD$1,547.52 For reference only As a consequence of the increase in the UMA and as provided by the Mexican Constitution, obligations required by federal, state, and local laws (such as tax deductibility, benefit integration, fines, governmental dues, contributions, rates, measures, rights, and others) will generally be directly related to the UMA.

In February of 2017, the Mexican Social Security Institute (IMSS) stated that employers must enroll and register their employees before said Institute with its current integrated salary, being capped at 25 times the UMA (Mex$80.06) and the lower limit the minimum wage...

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