Key figures: details on the February minimum wage and wage increase expectations

Key figures: details on the February minimum wage and wage increase expectations

The Minister of Human Capital, Sandra Pettovello, proceeded this Tuesday to sign resolution 2024-27, in which it calls on the members of the CNSMVM “to meet in an ordinary plenary session on February 15, 2024, at fifteen o’clock, at the headquarters of the Ministry of Labor, Employment and Social Security”.

According to the document to which he had access Ambitthe work agenda includes not only the discussion about the determination of the Minimum, Living and Mobile Wage, but also the minimum and maximum amounts of the unemployment benefit.

The resolution establishes that the current Secretary of Labor, Omar Yasin, will take over as alternate president of the Council, and simultaneously, two councilors will be appointed present for the signing of the minutes.

Salaries: the background

It should be noted that the Salary Council had to be convened in December to evaluate the increase corresponding to the first months of the year; however, In the absence of this call, Javier Milei’s administration indicated that it would take place in January.

According to official figures, Argentina closed the year 2023 with annual inflation that exceeded 212%, considerably affecting purchasing power.or, especially for those with lower incomes who allocate a greater proportion to their daily expenses.

January inflation is expected to remain elevated, although it is projected to be lower than December, which peaked at 25.5%. Experts agree that the figure will be around 20%.

Regarding the Consumer Price Index (CPI) for Februarypreliminary estimates suggest that it will be between 16% and 18%, according to estimates by Aurum Valores.

The last update of the Minimum, Vital and Mobile Wage was made on December 1, establishing itself at $156,000. However, this amount was significantly outdated compared to the 25.5% monthly inflation in December and the 20% expected for January.

The relationship between the unions and the Government has been tense since the announcement of the national strike on January 24, 2024, and so far no rapprochement is perceived between both parties.

Source: Ambito

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