Argentina raises the minimum wage due to high inflation

The government of Argentina agreed this Tuesday with employers and unions to increase by 26.6% the mandatory minimum wage in force in the South American country, where high inflation persists.

The rise, the first arranged this year after the last adjustment determined last November, was agreed during a meeting of the Salary Councilwhich brings together representatives of the Argentine Government, business chambers and trade unions.

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According to official sources, the increase was approved “by vast majority”, with thirty votes in favour, one abstention and one vote against.

The increase of 26.6% will be applied in three sections: 15.6% in April, 6% in May and 5% in June.

Thus, the new minimum wage will reach 87,987 pesos next June (415.5 dollars at the official exchange rate).

The next review of the minimum wage will take place on July 15.

According to official figures, Argentina Accumulated inflation last year of 94.8%, while wages grew an average of 90.4% during the same period.

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Inflation continues to rise, with an interannual rate of 102.5% in February.

The new amount that the minimum wage will reach next June as established this Tuesday is below the current value of the basic basket of food and services for a typical family, of 177,062.87 pesos (836 dollars).

Source: Elcomercio

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