The Government of Argentina agreed yesterday, Tuesday, to a 26.6% increase in the minimum, vital and mobile salary, which will be in effect until next June and will be made in three “non-cumulative” installments.
The agreement for the wage increase resulted from a meeting held by officials of the Ministry of Labor, Employment and Social Security with representatives of the General Confederation of Labor (CGT) and business chambers in the so-called “Wage Council”.
The new increase will be applied in installments from April, 15.6% in that month, 6% in May, and another 5% in June.
Thus, the new income will be from April 1 of about 80,342 pesos (391.9 dollars at the official exchange rate), while in May, it will be 84,512 pesos (412 dollars). According to government sources from the authorized agency, it will be 87,987 pesos (about 429 dollars) in June.
As officials, employers, and unions agreed during the meeting, the following salary review will take place in mid-July.
The salary increase announced by the Argentine government comes amid high inflation, which registered 102.5 percent year-on-year last February, considered the highest reported by the country in at least the previous three decades.