President Mauricio Macri took to Facebook to announce a proposal to raise the minimum wage that would kick in starting in July. His post, seen below, reads:
“WE WILL PROPOSE A MINIMUM WAGE INCREASE.
Among the measures we’re presenting to take care of workers who are facing the most precarious of situations, the Minimum Wage Council will meet in May in order to agree on a minimum wage increase to be implemented in July. It will also update how much is given in terms of unemployment benefits, which have been frozen for a decade. All of this is to meet inflation. We want the Council to improve workers’ conditions, to be there for workers and help ensure their families’ well being.”
Minimum wage in Argentina currently stands at AR $6,060 per month. This figure was updated from AR $5,588 in January.
This is one of the Macri administration’s latest moves aimed at combating the rampant inflation that’s been burning a whole in our pockets for the past few months ever since the peso was devalued.
At the beginning of the month, Interior Minister Rogelio Frigerio even admitted that inflation for the year would probably end up being higher than the 25 percent figure Cambiemos had been touting. Some private companies estimate a 34 percent annual increase.
These figures obviously don’t bode well for any of us, and especially not for Argentines hovering around the poverty line. A study conducted by the Catholic University of Argentina (UCA) found that the percentage of people living in poverty rose from 29 to 32.6 percent of the population during 2016 thus far.