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Argentina: new minimum wage increase

Through . Published on 01 September 2022 à 10h46 - Update on 01 September 2022 à 10h46

On 26 August, Argentina’s government approved a fresh stepwise increase in the minimum wage, amid chronic and soaring inflation as a result of the Ukraine conflict and domestic political and economic uncertainties. Currently set at 47,850 pesos (€348.64, at the official rate) following an agreement approved in March 2022 (c.f. article No.12967), the minimum wage is now set to be increased, in fine, by 21%. Starting on 01 September the minimum wage will be 51,200 pesos (€368), it will rise to 54,550 pesos (€392) on 01 October, and rise again to 57,900 pesos (€416) in November. These increases mean that the unemployment benefit allocation will also rise, in three stages, from 14,222 pesos (€103.62 at the official rate) in September to 16,083 (€115) in November. These adjustments were sealed by the Wage Council (“Consejo nacional del empleo, la productividad y el salario mínimo vital y mobil”), which is made up of the social partners and representatives of the federal government and the provinces. According to the latest INDEC (national statistical institute) data, prices jumped 7.4% in July alone, and are up 71% over a year.

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