Registered employment and real average salary in the private sector continued to grow for the second consecutive month. This is reflected in the labor indicators corresponding to last September and October, which show a positive evolution in employment, driven by the dynamism of the private sector and the strengthening of the purchasing power of salaries, according to a report from the Ministry of Human Capital.
Salaried employment registered in private companies grew 0.2% in September, accumulating growth of 0.3% in two consecutive months, equivalent to the incorporation of 16,000 new workersaccording to the data of the Argentine Integrated Pension System (SIPA) and the Labor Indicators Survey (EIL).
This behavior continued in October, with an increase of 0.3%, the highest rate recorded in the last 21 monthsmaintains the official information. The commerce, business and financial services, and industry sectors led this expansion, explaining 90% of the net growth in September. In October, industrial employment increased 0.4%, the highest monthly increase in the last 28 months.
In this way, the job destruction that occurred from October of last year until August 2024 tends to be reversed, a period in which the accumulated loss reached 2.4%.
The document highlights that The growth in salaried employment recorded in the month of October was verified in all contractual categories (indefinite and fixed-term contracts, agency staff), in all grades (professional, technical, operational and unskilled) and in both men and women.
With data as of September, it is observed that private registered employment increased in most provincesspanning 20 jurisdictions. This number of jurisdictions with simultaneous growth has not been observed since April 2023.
Wages
The purchasing power of the average salary of private registered employment “experienced a significant increase in October, growing 2.5% compared to the previous month”contains the information of the portfolio you carry Sandra Pettovello. With this positive variation, The purchasing power of the average salary increased 14 percentage points in the first ten months of the current year.
On the other hand, the purchasing capacity of the average salaries agreed upon in the main collective bargaining agreements grew 1% last October compared to the previous month. Thus, between January and October, the average salary under the agreement increased 12 percentage points.
It should be noted that the average (taxable) salary of blank workers was $1,146,000 last October.
Official information highlights that, of the set of collective labor agreements evaluated, the majority agreed to salary increases that made it possible to offset or overcome inflation observed during the first ten months of this year.
In fact, between January and October, 25 of the 27 collective bargaining agreements analyzed defined salary increases that managed to compensate or exceed the variation in the price level verified during the period, although not all managed to exceed the November 2023 level.
The biggest increases above inflation were achieved by workers gastronomic workers -23% between November 2023 and last October-, followed by oil producers and security personnel -18%-.
Another fact that the official information highlights is that in October, the real average salary of registered employment managed to exceed the level verified prior to the devaluation of December 2023, converting the period between January and October 2024 into the process of fastest recovery of real wages from the last four devaluations verified in the country.
Official information is limited to registered private salaries. The latest data from INDEC on the behavior of salaries in the public sector, corresponding to last September, show a year-on-year drop of 19.3%, discounting inflation, while the informal sector registers a year-on-year loss of 5.7%according to the consulting firm ACM.
Liliana 2.png
Expectations
The expectations of companies regarding the hiring of personnel for the next three months show a “significant” rebound compared to the previous month and reached the highest value so far in 2024.
Of the 5.1% of companies that expect to have changes in their staffing, 3.9% expect to increase it and 1.3% expect to decrease it, resulting in net expectations of 2.6% in October.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
