As a consequence of the impact of the economic adjustment and the liquefaction of income, formal salaries registered in February the fourth consecutive month of decline in inflation, accumulating a drop of 23.9% since November, and approaching the historical minimum of the end of convertibility.
According to data from the Taxable Remuneration of Stable Workers (RIPTE) Salaries increased by 11.5% in the second month of the year, compared to inflation that reached 13.2%as reflected by the INDEC Consumer Price Index (CPI).
This way, The average salary in February was $619,007.05, a value that, as in January, was below the family poverty basket. This was reflected with the INDEC data, since a couple with 2 minor children needed $690,901.57 to cover their basic needs, without considering rent.
Workers’ salaries fell 26% year-on-year in February, according to calculations by economist Salvador Vitelli, who contributed that with the decline in the second month of the year The worst quarterly decline in the history of the index was achieved.
In this sense they surpassed the collapse of convertibility in a four-month period, which was 20%, and they are approaching the monthly minimum.
In 2023, the average salary ended at $484,298.40, growing 149.4% compared to the value it presented at the end of 2022 when it reached $194,175.11. The increase was not enough to beat inflation, which was 211.4% in the 12 months of last year. The difference represented a loss of purchasing power of 20% for the 10 million formal workers in the public and private sectors contemplated by the RIPTE.
It is worth remembering that the RIPTE is defined as the average remuneration subject to contributions to the Argentine Integrated Pension System (SIPA) received by workers who are under a dependency relationship and who have been declared continuously during the last 13 months.
The indicator is one of the variables that is taken into account for the calculation of pension mobility along with the evolution of tax collection that goes to Social Security, discounting the increase in the list of beneficiaries.
Source: Ambito
