The minimum wage will increase by 32 percent in Argentina
Due to the rapid increase in inflation in Argentina recently, it was decided to increase the minimum wage by 32 percent.
According to national media reports, following the “Income Council” meeting held between the government, employers and unions, a compromise was reached for a 32 percent increase in the minimum wage.
According to the decision, the minimum wage is intended to be increased by 12 percent in October, 10 percent in November and 10 percent in December, until it reaches $427.
On the other hand, in the statement from the Income Council it was stated that there will be a satisfactory increase in unemployment insurance.
INFLATION IS AT THE HIGHEST LEVEL SINCE 1991
Argentina’s annual consumer inflation rose to 124.4 percent in August, reaching its highest level since 1991.
The Central Bank of Argentina (BCRA) increased the official interest rate by 1,000 basis points to 91 percent on April 27 to control persistently high inflation in the country.
The country, which has been struggling with economic difficulties for many years, is trying to take tough measures to prevent high price increases in food and other products.
In the shadow of the economic crisis, the Argentine people will go to the polls for the general elections on October 29. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
