Mexico City's Unemployment Benefits

Secretaria de Trabajo y Fomento Al Empleo increases economic support

Mexico City's unemployment rate remains historically low in January

Mexico City's unemployment rate reached 3.4% in January this year, according to the most recent numbers released by the National Institute of Statistics and Geography (INEGI). This is similar to the 3.3% rate reported for the same month in 2022 and below the national unemployment rate of 3.7%.

The unemployment rate in Mexico City has steadily decreased since 2020, when it peaked at 8.1% at the height of the COVID-19 pandemic. Since then, the rate has been on a downward trend, reaching the lowest level in decades.

The low unemployment rate in Mexico City is largely due to the city's strong economy, driven by a robust service sector. Mexico City is home to many large companies and financial institutions, as well as a growing number of technology and innovation businesses. The city also has a large manufacturing sector, which has benefited from increased demand for Mexican goods in recent years.

In addition to the low unemployment rate, Mexico City also has a relatively high labor force participation rate, which is the percentage of the population that is either working or actively looking for work. The labor force participation rate in Mexico City is currently at 59.2%, which is above the national average of 58.5%.

The high labor force participation rate and low unemployment rate in Mexico City are positive signs for the city's economy. The city is likely to continue to experience economic growth and job creation in the coming months and years.

Secretaria de Trabajo y Fomento Al Empleo increases economic support

The Secretaria de Trabajo y Fomento Al Empleo (STYFE) has announced that it will increase economic support for unemployed workers in Mexico City.

The increase in support will provide unemployed workers with up to 5,000 pesos per month, up from the previous maximum of 2,500 pesos per month. The additional support will be provided for a period of up to six months.

The STYFE has also announced that it will be expanding the eligibility criteria for unemployment benefits. Previously, only workers who had been laid off from their jobs were eligible for benefits. Now, workers who have been furloughed or had their hours reduced will also be eligible.

The increase in unemployment benefits and the expansion of eligibility criteria are aimed at helping unemployed workers in Mexico City during the current economic downturn. The additional support will help workers to meet their basic needs and avoid falling into poverty.