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wages rose 10.1% in March (and were above inflation)

wages rose 10.1% in March (and were above inflation)

The salary index registered an increase of 10.1% in March, thus exceeding by 2.4 percentage points the rise of 7.7% that marked inflation in that month, the National Institute of Statistics and Censuses (Indec) reported yesterday. .

In March, salaries in the public administration showed an increase of 16.3%, in the private sector the increase was 7.9% and in the informal sector 6.1%, according to official information. Similarly, in the first quarter, and against accumulated inflation of 21.7%, the Wage Index increased 22.2%, slightly above the evolution of prices, driven by a 25.5% rise in wages from the public sector; 20.6% in the registered private sector and 21.2% in the informal sector. In the comparison of the last 12 months, the evolution of wages was below inflation for the same period, with an average increase of 102.4 %, against 104.3% of the consumer price index. Since the beginning of May, the Government decided to increase the non-taxable minimum of the Income Tax so that all those workers who receive up to $506,230 of gross salary are exempted, as a way to improve purchasing power. In mid-April, and after INDEC reported that inflation in March was 7.7%, the Minister of Labor, Raquel Kismer de Olmos, assured that “there is no loss” of purchasing power formal salary of the public and private sectors in the face of rising prices. “As of March 31, it maintains the purchasing power of December 31,” Olmos said in radio statements.
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Source: Ambito

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