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Increase to the minimum wage will not impact the price of mortgage loans: Infonavit

January 10, 2021 | 5:00 am

During December, the National Minimum Wages Commission (Conasami) approved a 15% increase to the minimum wage, applicable from the first day of 2021.

The increase is above inflation, so the business sector warned about possible complications mainly to small and medium-sized companies.

Concern about the increase has also led to discussion about the impact it could have on the price of mortgage loans, mainly those that are denominated in Times Minimum Wages, something that the Institute of the National Housing Fund for Workers has already ruled out .

Since 2016, with the aim of reducing the impact of the salary increase on the balance of loans denominated in VSM, Infonavit adjusts the monthly payment of borrowers and the balance of said financings according to the lower of the increases between the Minimum Salary and the Measurement and Update Unit (UMA) ,

the institute indicated in a statement.

For 2021, the INEGI determined the daily value of the UMA at 89.62 pesos, that is, there will be an increase, but it will be 3.15% and not 15% as the minimum wage.

Infonavit also highlighted the existence of the Shared Responsibility program, which allows converting loans denominated in VSM to pesos, with which the monthly mortgage payment stops registering annual increases.

The institute considers that, despite this 3.5% increase in mortgage loans, the increase in the minimum wage is beneficial given that it represents a greater contribution by employers to the Housing Sub-accounts “which increases the savings of the beneficiaries who They still do not have access to a loan, allowing them to obtain a greater amount of financing ”.

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