The government of Argentina agreed this Tuesday with employers and unions to increase the mandatory minimum wage in force in the South American country, where high inflation persists, by an additional 20%.
The increase, the third arranged so far this year, 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 union sources, the Council agreed that the 20% increase be applied in four tranches: 7% in December, 6% in January, 4% in February and 3% in March.
Thus, the new minimum wage will reach 69,500 pesos (408 dollars at the official exchange rate) next March, which implies a recomposition of 110.5% between last March and March 2023.
According to official figures, Argentina Accumulated inflation of 66.1% in the first nine months of the year, while wages grew an average of 61.2% during the same period.
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The new amount that the minimum wage will reach next March as established this Tuesday is below the current value of the basic basket of food and services for a typical family, of 139,737 pesos (820 dollars).