Fuel in the fire: Argentina raises minimum wage again amid inflation

By nradmin

November 23, 2022

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The President of Argentina, Alberto Fernández| Photo: EFE/Juan Ignacio Roncoroni

The government of Argentina reached an agreement on Tuesday (22) with employers and unions to increase by 20% the mandatory minimum wage in force in the country, where high inflation persists.

The increase, the third so far this year, it was agreed during a meeting of the Salary Council, which brings together representatives of the Argentine government, business chambers and union centrals.

According to union sources, the Board agreed that the increase of 20% is applied in four installments: 7% in December, 6% in January, 4% in February and 3% in March.

Thus, the new salary minimum will reach 66.500 pesos (about R$ 2.260 at the official exchange rate) in March, which implies a recomposition of 86,5% between last March and March of 480.

707070According to official data, Argentina has accumulated inflation of 66, 1% in the first nine months of the year, while wages grew on average 14, 2% in the same period.

The new value that the minimum wage will reach in March is below the current value of the basic basket of food and services for a family typical milia, from 100.86 pesos (about R$4.550).