Argentina’s government agrees with unions to raise minimum wage by 20%.

Argentina's government on Tuesday announced a 20 percent minimum wage hike that will raise the lowest wages stipulated by law to 70,000 pesos (412 euros).


Argentina's President Alberto Fernandez discusses minimum wage hike with labor unions - PRESIDENCIA ARGENTINA

This was agreed by the Executive at the Wage Council with the General Confederation of Labor (CGT) and the Argentine Workers' Central (CTA) unions, with whom it has agreed to address the increase in four monthly tranches until March 2023, reported Télam.

Thus, the minimum wage --which currently stands at 57,900 pesos, about 340 euros-- will go up seven percent in December, six percent in January, four percent in February and another three percent in March 2023, which for the Labor Ministry will mean a 110.5 percent increase in minimum wages in one year.

"Taken with an absolute majority of the members of the Wage Council, it is another sign of the value of our democracy: there is no way to make policy without dialogue. We will continue working for a fairer society where everyone wins," said the President of Argentina, Alberto Fernández, after reaching the agreement.

The President thanked and ratified the importance and the responsibilities that each of the sectors have assumed to carry out a proposal to raise wages in order to combat the high inflation faced by Argentines, so that they can recover their purchasing power.

"We recognize that high inflation goes against wages and that is why it is so important that organized workers and employers have been able to agree", summarized the Argentinean Minister of Labor, Kelly Olmos, in declarations to the above-mentioned agency.

"We are committed to the success of the government's policy, and the current proposal that inflation be reduced, that it be made concrete", in order to "recover purchasing power", she added.