The real salary of registered workers slowed its recovery in Augustafter several months with increases above inflation. It happened while economic activity could not sustain the pace of improvement it had exhibited in July.
According to data from the Taxable Remuneration of Stable Workers (RIPTE)published by the Ministry of Labor this Thursday, the nominal salary rose one 3.8% compared to July. Therefore, in real terms it suffered a contraction given that inflation in that month was 4%.
The indicator came from chaining five consecutive increases. However, it is worth noting that the majority of economists maintain that This reference is not the best to evaluate the true dynamics of salariesdue to its methodological construction.
What are the methodological problems of RIPTE?
He RIPTE is not built from salary data but from the tax base for social security contributions, which today have a limit that is updated every three months. Therefore, in recent months it happened that this ceiling rose well above effective salaries, which pushed the indicator upward, and vice versa.
Even from its own website Secretary of Labor explain that the RIPTE “does not necessarily reflect the behavior of salaries corresponding to registered salaried employment.” This occurs, in addition to the aforementioned cap factor, because it also quantifies only the remunerative componentss of the salary, in a context in which the non-remunerative components were gaining importance in the agreements between business chambers and unions given the current inflationary dynamics.
The consulting firms also estimated a salary decline in August
The consultant CPfrom economists Federico Pastrana and Pablo Moldovan, had warned that there was probably going to be a deterioration in the salary recovery in both August and September, since “The joint ventures have been stagnant since July” as a “result of downward negotiations with inflation remaining at 4%.”
According to the CP indicator, prepared based on the average wages of collective bargaining agreements, the income of formal workers contracted 0.1% in the eighth month of 2024.
With more delay, the SIPA ratified the improvement in real wages in July
For its part, Labor also published the data corresponding to July Argentine Integrated Pension System (SIPA)which do report specific salary data corresponding to salaried workers registered in the country. In this case the real increase was 3.3%
Thus, In the last four months, the income of employees with better working conditions in relative terms gained 13.5%, and they managed to recover everything they had lost during the Government of Javier Milei.
“It is a similar salary to the 2019-2023 average, but 50% higher in dollars. I see a problem there,” said Luis Campos.researcher at the CTA Institute of Studies and Training, in a clear reference to the appreciation of the exchange rate.
Likewise, the INDEC Salary Index did not fully coincide with the SIPA data, since the private salary segment grew in real terms in July but still remained 2.6% below the November level of 2023.
Source: Ambito
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