February 9, 2023

Minimum wage in Argentina: how much does it go up, when and who will benefit

Read Time:2 Minute, 25 Second


(CNN Spanish) — The minimum wage in Argentina will increase by 21% in the September-November quarter, according to a resolution of the Ministry of Labor, at a time when the accumulated inflation for the year exceeds 45%.

The increase will be gradual: salaries will rise 7% each month from September to November.

From September 1, the minimum wage will be $51,200 for all full-time monthly workers. A month later that amount will increase to $54,550 and by November 1 it will be $57,900, according to the resolution published in the Official Gazette with the signature of the Minister of Labor, Claudio Moroni.

For day laborers, the minimum will increase to $256 per hour in September, October to $272.75 per hour and November to $289.50 per hour.

The increase was agreed at the meeting of the Minimum, Vital and Mobile Wages Council this Monday, which was headed by Moroni and in which businessmen and trade unionists participated, according to the report of the state agency Télam.

In August, the minimum wage had been set at $47,850.

The same resolution establishes changes in unemployment benefits. In September, the minimum will go to $14,222 and the maximum to $23,704. By October 1, the figures will increase to $15,153 and $25,254 respectively. Finally, in October the minimum unemployment benefit will be $16,083 and the maximum $26,805.

The increase in the minimum wage also has an impact on social benefits such as the programs Boost Work, Accompany and the Progress Scholarships.

According to reports of the state agency Télam, in November the figures will be reviewed again.

Inflation, a factor behind the increase in the minimum wage in Argentina

The increase in the minimum wage occurs within the framework of an inflation that does not let up.

In July, consumer prices registered an increase of 7.4% compared to June and 71% year-on-year, according to the National Institute of Statistics. So far this year, the accumulated rise is 46.2%.

Argentina has been dealing with high levels of inflation for almost a decade.

Former President Mauricio Macri, predecessor of the current president Alberto Fernández, left the Government with an annual inflation rate of 53.8%, while Cristina Fernández de Kirchner finished his term in 2015 with an inflation rate of between 18.5% and 30%. , depending on the estimates.

A report of expectations of the Central Bank of the Argentine Republic anticipates an inflation of 76% for this year. This issue is the one that most worries the country’s citizens, according to a recent survey by the University of San Andrés.

Currently, Argentina is one of the countries with the highest food inflation in the world, according to World Bank statistics.

Argentina raises its interest rates to 69.5%, while inflation reaches a record in 20 years



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