Photo via La Razón.

Hope you’ve got some cash on you: a national bank strike will see all major banks across the country close for 24 hours and could likely lead to ATM machines running out of cash today.

Following a meeting yesterday between the Banking Association (AB) trade union and various organizations including the Labor Ministry, AB General Secretary Sergio Palazzo confirmed the strike would take place in response to dissatisfaction regarding salary negotiations and layoffs. (That little thing called collective bargaining: negotiations between unions, employers and the government over annual salary increases).

AB Press Secretary Eduardo Berrozpe said that the conflict arises over a delay in pay increases for bank employees. According to Infobae, an agreement was reached over a pay increase of AR $9,000 to be paid over three months (from January to March), in three installments.

Upon signing the agreement, it was hoped that inflation would be controlled by April, however— in case you haven’t ridden the colectivo recently or bought just about anything — this hasn’t been the case. This continued inflation has pushed bank workers to try and negotiate an annual increase that touches on 40 percent.

“The salary proposal that they have given us is insufficient, below 25 percent,” said Palazzo speaking to La Razón yesterday, following a fourth meeting between bank employees and representatives from the four chambers.

Meanwhile, Berrozpe called the meeting “another failure.” He explained: “Only the private banks made an offer that we consider insufficient, meanwhile the representatives from the public banks and from within the country made no proposal at all.”