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Increase to the UMA Value Announced for 2024
New Order or Decree
Authors: David E. Leal Gonzalez, Shareholder, and Alondra Valdez Padilla, Associate – Littler
The Unit of Measurement (UMA, which stands for Unidad de Medida y Actualización) increased by 4.66%, effective February 1, 2024. The UMA serves as the basis to calculate the payments, obligations, or penalties that are owed to the government, whether under federal or state law. The UMA values for 2024 are as follows:
- Daily – MXN $108.57
- Monthly – MXN $3,300.53
- Annual – MXN $39,606.36
Accordingly, it is important for employers to review the individual employment agreements and collective bargaining agreements to ascertain how the UMA will impact the social security benefits agreed upon by the parties. Likewise, employers should review and adjust their payroll practices as appropriate to comply with UMA-related requirements.
