The average salary increased in June, but it was due to the Annual Supplementary Salary. What happened to income in the last year?
The average gross nominal remuneration In June, including the Christmas bonus, the median gross salary was $1,612,788 and grew by 251.5% annually. Meanwhile, the median gross salary was $1,262,309, with an increase of 253.6% in the interannual comparison. The numbers are from the June report published by the Argentine Integrated Pension System (SIPA) by the Ministry of Labor.
Despite this growth, the year-on-year increase shows that it was below the inflation of the same period: in June, the interannual inflation rate reached 271.5% reflecting the wage loss that continues and would have been greater without the Annual Supplementary Salary (SAC).
Contrary to the Government’s insistence on highlighting the recovery of real wages in recent months, the data reveal that only a handful of private sector unions managed to close increases above the inflation accumulated in the last years, others tied and the majority lost ground.
Salaries: Most unions failed to negotiate above inflation
According to a survey of the minutes of the agreements signed between twenty unions and companies carried out by the Institute of Studies and Training of the CTA, in the interannual variation that the salaries registered, it is highlighted that those who lead the group of unions that Those linked to logistics activity managed to win the fight against inflation.
ANDin line with the level recorded by the interannual CPI The result of the collective bargaining agreement is located in the banking sector (which accompanied this evolution with various monthly reviews), while it is just below the inflation rate. the collective bargaining of SMATA and UTEDYC mechanics (civil and sports entities) which until August accumulated year-on-year increases of 233%.
Within this group of activities that closed increases that matched the price level or were located just below, there are also cases of the food industry (228.3%), the metallurgical industry-UOM (221.2%), employees in Commerce (219.4%) and Health (219%).
wages pesos parity income
Reuters
Salaries: what is happening in the public sector?
But the most complex situation was seen in the outcome of the negotiations in the State. Public sector wages fell by 20% in real terms. The interannual wage agreement for the National state-owned companies ended with an accumulated increase of 175.6%, while in Buenos Aires the increases totaled 163%This, amid rumors of a possible freeze until December of the sector’s collective bargaining agreements, which also signed increase figures below the monthly inflation.
Source: Ambito
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