He salary of the registered workers measured by the RIPTE (Average Taxable Remuneration of Stable Workers) had an increase of 9.8% in April and it was located above the inflation data for that month, which was 8.4%.
The peer reviews and the first installments of the new deals These are some of the factors that explain why the remunerations analyzed in this indicator won the race against prices in the first months of the year.
“In recent months, it has rebounded strongly and was once again above December 2019. This recovery occurs within the framework of an acceleration of the price-wage race. In April, the RIPTE grew 105.2% year-on-year against a variation of the CPI of 108.8%”, explained Luis Campos, director of the Observatory of Social Law of the Autonomous CTA.
“What is being seen is that registered wages, as a whole and despite the high level of inflation, manage to keep up with the price variation. They don’t lose in real terms. With an additional characteristic: because within the indicator you can find sectors or parities that manage to be above inflation, and others below it,” explained Hernán Letcher, director of CEPA, to Ámbito.
Within this framework, the economist explained that “the RIPTE is the average of the registered of those who worked in the last 13 months, so it is an indicator that represents the most stable registered in their jobs”. “With which, what is seen is that this data is the one that beats inflation. Some other peers are below. The median is moving, depending on the month, generally speaking below inflation. What shows that, while some unions or agreements exceed the price level, and others that do not”, Letcher remarked.
It is that the RIPTE contemplates the average remuneration subject to contributions to the Argentine Integrated Pension System (SIPA) received by workers under a dependency relationship. For this reason, its variation, in many cases, does not coincide, for example, with the wage index released monthly by the INDECwhich includes non-registered and public employees.
With this caveat, when analyzing how salaries in the registered sector can evolve in the future, Campos pointed out to Ámbito: “Although we do not usually make projections, In May it was observed that there were increases in many parities, some of significant magnitudes. So I tend to think that it is going to continue to grow strongly (maybe again above inflation). And thinking about the future, it will depend on the negotiations and reviews that will be taking place these months. Without going any further, three of the largest activities (commerce, construction and metallurgical) negotiated for the April-June period, so sooner rather than later they will have to sit down again”.
In this context, Campos published a series of tweets in which he analyzed the parity dynamics and highlighted that “since they were reinstated as a generalized salary determination mechanism in 2006, there had never been so much dispersion in the percentage increases and in the terms of the agreements”.
He maintained that, up to now, broadly speaking, three types of agreements: on the one hand, some “a little longer, with increases between 45% and 65%; “quarterly (first batch) with increases around twenty%; and quarterly (second round) with increases greater than 30%”.
“In the framework of this dispersion, some very important sectors have not yet taken to the field and others are already in the process of reviewing agreements signed just a few months ago,” explained Campos, who concluded: “To a large extent, these agreements, added to the 2022/23 joint reviews, explain why in the first months of the year the wages of registered workers, on average, beat inflation”.