There is a new date to review the minimum wage in Argentina. This Monday, March 13, and through the Official Gazette, the Government called for the next mars 21 al Vital and Mobile Minimum Wage Council (SMVM) to discuss the new basic remunerations for all formal workers.
It is worth remembering that the Minimum Wage is also used to update other adjustment indicesamong them those of social plans.
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The first meeting of the Council in 2023 will take place in a context of inflationary acceleration and following knowing the price variation rate for February, which would raise the result of the first two months to 12%. Tomorrow, Tuesday the 14th, the inflation data for the second month of the year will be known and, at least from the private sphere, a number is anticipated close to 6% per month.
The call was made official in Resolution 1/2023 of the Ministry of Labor.
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The last meeting of the Council it was in november last year and had set an SMVM of $61,953 from December 1what it would go to $65,427 as of January 1, to $67,743 from February 1 already $69,500 in March.
With the foreseen amounts, between January and April of this year the workers will perceive in their pockets (the value from December 1 is charged in January and so on) an improvement of 13%, which is similar to that of inflation of the first BIMESTER.
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However, when business chambers and trade union representatives sit down to negotiate, the salary adjustments agreed for four months would already have been surpassed by inflation.
Therefore, it will be necessary to see how the discussion develops at a time when from The Ministry of Economy seeks that salary adjustments be limited and aligned to adjustments of the order of 4% that was agreed upon in the price programs encouraged by the Secretary of Commerce.
Due to inflation which is already exceeding 100%, Argentina has the second lowest SMVM in the region only ahead of Venezuela. Measured in dollars, the SMVM in Argentina is around US$185.
LR
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