A key union in Argentina reached an agreement on Thursday joint agreement for three months. This is the Argentine Federation of Commerce and Services Employees, which in a meeting with the business chambers agreed on the increases that will be reflected in the salaries of June, July and August. The new updates will bring the sector’s minimum wage to $858,200.
In addition to FAECYS, the Argentine Chamber of Commerce (CAC), the Confederation of Medium Enterprises (CAME) and the Union of Commercial Entities (Udeca) participated in the meeting.
The agreed increase consists of an increase of 5% for June, 4.5% for July and 4% for August. With attendance, the minimum wage will be raised to $858,200, with attendance.
Armando Cavalieri, Secretary General of FAECYS, said after the increases were agreed: “It is essential to maintain constant monitoring of the economic and employment situation to ensure that wage adjustments remain effective and are not overtaken by inflation.”
In turn, he referred to one of the problems that hits the industry the hardest: the economic recession: “We see with concern the increase in unemployment that is beginning to be reflected in some indicators.” The union of commercial employees is one of the most important in the country, since it is the one with the largest list of workers in the private sector, with more than 1.3 million employees represented.
The Ministry of Commerce had already reached a quarterly wage agreement last April, with an impact between March and May. It was for a fixed sum of 40 thousand pesos for the initial month of the tranche, 8% for April and 7% for May.
Previously, the company had reached an agreement for a non-remunerative increase in basic salaries of 17.6% from February 2024, plus a remunerative increase of 11%. The negotiation was valid from February 1, 2024 to March 31, 2024.
In the first month of the year, at the height of the inflationary peak, they had agreed to a retroactive rate for December: it reached 11% and was added to the 13.3% agreed in the previous joint closing. In addition, it incorporated an additional 20% increase for January.
