Unit of measure and update (uma) applicable in january and february 2017
As you know, on January 27, 2016, a “DECREE whereby amendments and additions of several provisions to the Political Constitution of the United Mexican States with regard to the Minimum wage are declared” (Decree) was published in the Federal Official Gazette (DOF), its purpose is to set forth that the current general minimum wage (SMGV) shall not be used as a unit of account, index, base, measure or reference to determine the amount of payment of the obligations and assumptions provided in the Federal Laws, State, and Mexico City, as well as in the legal provisions that emanate from all previous ones.
The Decree establishes the Unit of Measure and Update (“UMA”) as the new unit of account, index, base, measure or reference to determine the amount of payment of the obligations and assumptions provided in the applicable laws, it is also established that the SMGV may not be used as reference or for purposes other than its nature.
In this respect, on December 30, 2016, a Decree was published in the DOF issuing the Law to Determine the Value of the Measure and Update Unit (“Law”), noting that the applicable UMA would be published by the National Institute of Statistics and Geography (INEGI) on January 28, 2016, and will remain in effect until the new UMA is published, following the procedure established thereof, and must be published by INEGI within the first ten days of the month of January of each year and coming into force on February 1st of said year.
Let’s remember that the SMGV and UMA applicable for the 2016 exercise was the amount of $73.04 pesos per day.
Therefore, on January 10, 2017, the UMA that will be applicable starting on