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Bank employees: how much will they earn in October 2024 after the increase in the salary agreement? - Infobae
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Empleados bancarios: cuánto van a cobrar en octubre 2024 tras el aumento de la paritaria
Los empleados del sector financiero recibirán un ajuste salarial en octubre, tras el último acuerdo alcanzado por el sindicato. Este incremento acumula un alza anual del 94,8%, garantizando que los sueldos iniciales superen los $1,4 millones, protegiendo así el poder adquisitivo frente a la...
www.infobae.com
September 19, 2024
Financial sector employees will receive a salary increase in October, following the latest agreement reached by the union. This increase accumulates an annual rise of 94.8%, ensuring that starting salaries exceed $1.4 million, thus protecting purchasing power against inflation.
The amount for Bank Employees' Day, set at $1,252,181.74, will also be adjusted according to inflation. In addition, the last salary increase of 4.2% corresponds to the August price increase and will be paid with September salaries (Illustrative image Infobae)
Bank employees will receive a significant salary increase starting in October 2024, as a result of the last collective bargaining agreement reached in August. With this adjustment, the accumulated increase for the year reaches 94.8% , in line with inflation until August, according to the union La Bancaria .
This agreement involves a new increase in wages , which responds to the inflation recorded in August, and is applied to salaries corresponding to the month of July. The 4.2% adjustment, in addition to being part of the planned increases, includes all salary concepts, both remunerative and non-remunerative, as well as conventional and non-conventional additional payments, guaranteeing broad coverage for workers in the sector.
Details of the increase in October
The official statement from the Banking Association, led by Sergio Palazzo, confirmed that the basic salary for bank employees with this new increase is $1,455,388.65 . This amount corresponds to the minimum salary for personnel who have just started working in a banking institution.
The salary increase is distributed as follows:
- April base salary : $1,404,633.01
- Profit Sharing (ROE) : $50,755.64
- Total October : $1,455,388.65
This adjustment, together with the accumulated increases, ensures that bank employees maintain their purchasing power in the face of inflation that has shown considerable variations during the year.
Accumulated inflation adjustment
The Banking Association explained that the new 4.2% increase responds to the inflation of August, and must be paid together with the salaries of the month of September. In this way, the agreement ensures that workers do not lose out against inflation , since it contemplates that the difference between the accumulated inflation between January and August 2024 (94.8%) and the salary increases already granted will be paid.This scheme reflects an approach that seeks to safeguard bank employees' incomes in an inflationary context, ensuring that salary adjustments remain in line with the cost of living.
Additional benefits: Banker's Day
In addition to the monthly minimum wage, the collective bargaining agreement also included an update to the amount corresponding to Bank Employees' Day , a specific benefit for the sector. This amount has been set at $1,252,181.74 , although it will be adjusted again based on inflation, as detailed in the collective bargaining agreement. This additional payment represents a significant economic recognition for bank workers on their commemorative day.How does the increase compare to inflation?
The National Institute of Statistics and Census (Indec) reported that inflation in August 2024 was 4.2% , which represented a slight increase compared to the July record , which was 4%. With this new index, the accumulated inflation in the first eight months of the year stood at 94.8% , a high figure that has put pressure on salary negotiations in all sectors. In the last twelve months, inflation has reached an astonishing 236.7% , marking one of the highest levels in decades for the country.Wage agreements in sectors such as banking seek to prevent the loss of purchasing power in the face of these alarming figures. Constant adjustment for inflation is one of the key tools to ensure that wages remain competitive in the face of rising prices.
Details of the collective bargaining agreement
The agreement signed by La Bancaria , with the signature of general secretary Sergio Palazzo , reinforces the union's intention to keep salaries updated in accordance with monthly inflation .In the official statement, Palazzo said: “ Once again, the Banking Association guarantees the application of monthly inflation rates so that bank workers do not lose out against inflation, safeguarding the purchasing power of our representatives .”
This type of agreement provides a certain stability to bank employees , who, despite the adverse economic context, can count on a regular salary update that seeks to avoid the loss of value of their income.
What to expect in the coming months?
Although the October increase is significant, it remains to be seen how inflation will evolve in the following months and whether a new adjustment will be necessary before the end of the year. Given that inflation in Argentina tends to vary unpredictably, the union will probably have to resume negotiations to keep wages in line with inflationary indices.It is important to note that the agreement also establishes that, if necessary, additional adjustments will continue to be made to cover the difference between actual inflation and previously granted increases. This reinforces La Bancaria's commitment to protect the salaries of employees in the sector.
