Mexico: INEGI determines the new value of the Unit for Measure and Update for 2019

On January 10, 2019 the National Institute of Statistics and Geography (INEGI by its acronym in Spanish) published in the Official Gazette the new value of the Unit for Measure and Update (UMA) that will rule starting February 1, 2019, which will be $84.49 MxCy daily, $2,568.90 MxCy monthly, and $30,822.00 MxCy annually.

INEGI’s determination results from the constitutional reforms on deindexation of the minimum wage which entered into force on January 28, 2016 and pursuant to which said wage ceased to be unit of account, index, base, measure or reference to determine the amount of the obligations and hypothesis established in federal and local laws, as well as any other legal provisions arising therefrom.