The government of Argentina reached an agreement with businessmen and unions this Tuesday (21) to increase the mandatory minimum wage by 26.6% in the country, where high inflation persists.
The increase, the first this year after the last adjustment in November, was agreed during a meeting of the Salary Council, which brings together representatives of the Argentine government, business chambers and unions.
According to official sources, the increase was approved “by a large majority”, with 30 votes in favor, one abstention and one vote against.
The 26.6% increase will be applied in three installments: 15.6% in April, 6% in May and 5% in June. Thus, the new minimum wage will reach 87,987 pesos (US$415.50 at the official exchange rate, equivalent to R$2,188.23 at current exchange rates) in June. The next revision of the minimum wage will take place on July 15th.
According to official data, Argentina accumulated 94.8% inflation last year, while wages grew by an average of 90.4% during the same period.
Inflation continues to rise, with a year-on-year rate of 102.5% in February.
The new amount that the minimum wage will reach in June, as established this Tuesday, is lower than the current value of the basic basket and basic services for a typical family, of 177,062.87 pesos (US$ 836 or R$ 4,402.79 ).
#Argentina #raises #minimum #wage #falls #short #inflation