Banks agreed to a 75% parity increase: how much the basic salary will reach

The Banking Association (AB) and the business chambers reached an agreement this Friday at the Ministry of Labor, to review the parity, and concluded with a salary increase of 75% for the period January-August of this year. Consequently, the initial minimum wage will be for that last month of almost 420,000 pesos. A document signed by the national deputy of the Frente de Todos (FdT) and the Press Secretary, Claudio Bustelo, indicated that the agreement determined that the initial minimum wage in August, to which profit sharing (ROE) will be added, will rise to 419,864.81 pesos between having (405,222.32 pesos) and earnings (14,642.49 pesos). In this regard, trade unionists and businessmen agreed to pay 361,241.68 pesos as a bonus for Banker’s Day on November 6, which is non-working.” In a very difficult economic context, it was agreed with the chambers the salary increase for August, which consists of an advance of 9% on the salaries and conventional and unconventional additions based on December salaries, which totals an improvement of 75% between January and August, “they assured from the Banking Association.  The leaders pointed out in a document on behalf of the National General Secretariat, Sergio Palazzo, that so that revenues do not lose purchasing power against inflation, the parties agreed “a retroactive trigger clause, so that in the event that inflation exceeds 75% last August, companies will adjust the difference and make that percentage retroactive to that month,” added the unionists. Palazzo and Bustelo agreed with the employers’ chambers a new meeting for the second half of this month to discuss the increase in the last quarter of the year. In that sense and due to this new agreement, the trade association indicated that the fixed sum recently granted by the national government will be absorbed until “its concurrence if appropriate, according to the decree.” The Bank continues to maintain the premise that workers should not be the variable of adjustment of the economy and that it is necessary to safeguard the purchasing power of the salary of the employees of the activity, “concluded Palazzo and Bustelo. 

Original source in Spanish