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The Government set the minimum vital and mobile wage at $180,000 for February - Infobae
Source:
www.infobae.com
February 20, 2024
The presidential spokesperson, Manuel Adorni, said that the Executive Branch issued a ruling in the absence of agreement between the parties.
The presidential spokesperson, Manuel Adorni
The minimum vital and mobile wage (SMVM) was set at $180,000 for February and $202,800 in March. This was announced by Manuel Adorni, presidential spokesperson, in his press conference today.
“The parties have not been able to reach an agreement due to the discussion on the salary, vital and mobile minimum. The Government must reach an agreement between the parties and set a minimum wage. It was set for February at 180,000 pesos, and in March at 202,800 pesos,” he said.
Today's official communication had been announced by the Minister of Economy, Luis Caputo , during a television interview granted yesterday.
It will be $180,000 for February and $202,800 for March
“Between today and tomorrow we are going to set it, the minimum wage is a reference value,” he had clarified. This would imply an approximate increase of 30 percent . A similar percentage, on the other hand, will be for pensions and the AUH due to the application of the automatic formula that will be applied with the March payments, he explained.
In January, meanwhile, the SMVM was set at $156,000, so this month's increase is around 15% while, between January and March, it climbs to 30 percent .
The minimum wage is set in negotiations between chambers and unions, although on this occasion the Executive Branch was in charge of deciding it due to the lack of consensus. It arises from the National Constitution and, among other things, puts a floor on the amounts of labor contracts and figures for amounts that cannot be seized, among other variables.
For example, the beneficiaries of the Potenciar Trabajo program receive the equivalent of 50% of the SMVM, while in other cases it serves as a limit to determine the right or not to receive the benefit, such as the case of the Progresar Scholarships, from which the students whose families have income of more than 3 minimum wages.
Meanwhile, since October of last year, Income Tax has only been paid by those who receive income of more than 15 minimum wages.
At the meeting, held within the framework of the National Council of Employment, Productivity and the Minimum, Living and Mobile Wage (an organization that brings together representatives of workers, employers, the National State and the provinces) no agreement was reached. , as reported by the General Confederation of Labor (CGT). The unions aspired to an increase of 85%, that is, taking it to 288,600 pesos.
Given the lack of agreement, the Government has now decided to define the new value by decree.
It is an important discursive turn for President Javier Milei , who as early as last Friday—one day after the failed meeting—had assured that he would not set the minimum wage by decree.
“ We don't like setting minimum prices , it is an issue that workers must address with their employers,” he said at that time.
Once tempers had calmed down, over the weekend, it was learned that the president had been forced to reconsider that decision .
The increase that the national government ends up defining will imply a fiscal cost for the updating of these social programs, mainly the Empower Work , which reaches 1.2 million people and which pays half a minimum wage in exchange for a 4-hour work benefit. in different areas such as work in cooperatives, in cafeterias and picnic areas, construction, cleaning or family farming.
The Casa Rosada seeks to cut items for this item of spending, which it considers irregular because it is social assistance “intermediated” by social organizations. In the Excel of the Ministry of Economy, the budget adjustment for Empowering Work should be around 0.4% of the Gross Product , about $750,000 million , a smaller part of the 5 percentage points of GDP that Luis Caputo needs to reach zero deficit in 2024 In any case, as a comparison, it is a similar amount to what would have been contributed, for example, by the reversal of the elimination of the fourth category of Income Tax.
The intention of the Treasury Palace to move quickly towards zero deficit materialized in the first month of the year with a primary surplus of 2 trillion pesos, which led to a positive financial result of $518,000 million, slightly less than 0.3 % of GDP . A relevant part of the adjustment was explained by the pruning of primary spending , which in nominal terms advanced 140 percentage points less than inflation during that same period, which was 254% annually. Retirement and pension spending took the brunt (119% nominal growth) but other social items such as family allowances, AUH, non-contributory pensions and “Other Social Programs”, including Empower Work, had budget executions below the inflation rate.
Source:
El Gobierno fijó el salario mínimo vital y móvil en $180.000 para febrero
El vocero presidencial, Manuel Adorni, dijo que el Poder Ejecutivo laudó ante la falta de acuerdo entre las partes
www.infobae.com
February 20, 2024
The presidential spokesperson, Manuel Adorni, said that the Executive Branch issued a ruling in the absence of agreement between the parties.
The presidential spokesperson, Manuel Adorni
The minimum vital and mobile wage (SMVM) was set at $180,000 for February and $202,800 in March. This was announced by Manuel Adorni, presidential spokesperson, in his press conference today.
“The parties have not been able to reach an agreement due to the discussion on the salary, vital and mobile minimum. The Government must reach an agreement between the parties and set a minimum wage. It was set for February at 180,000 pesos, and in March at 202,800 pesos,” he said.
Today's official communication had been announced by the Minister of Economy, Luis Caputo , during a television interview granted yesterday.
El Gobierno fijó el salario mínimo
Quedará en $180.000 para febero y en $202.800 para marzo
cdn.jwplayer.com
It will be $180,000 for February and $202,800 for March
“Between today and tomorrow we are going to set it, the minimum wage is a reference value,” he had clarified. This would imply an approximate increase of 30 percent . A similar percentage, on the other hand, will be for pensions and the AUH due to the application of the automatic formula that will be applied with the March payments, he explained.
In January, meanwhile, the SMVM was set at $156,000, so this month's increase is around 15% while, between January and March, it climbs to 30 percent .
The minimum wage is set in negotiations between chambers and unions, although on this occasion the Executive Branch was in charge of deciding it due to the lack of consensus. It arises from the National Constitution and, among other things, puts a floor on the amounts of labor contracts and figures for amounts that cannot be seized, among other variables.
In addition, the minimum wage serves as a reference for the value of other benefits, such as some social programs and, in some cases, the value of child support for separated parents.
For example, the beneficiaries of the Potenciar Trabajo program receive the equivalent of 50% of the SMVM, while in other cases it serves as a limit to determine the right or not to receive the benefit, such as the case of the Progresar Scholarships, from which the students whose families have income of more than 3 minimum wages.
Meanwhile, since October of last year, Income Tax has only been paid by those who receive income of more than 15 minimum wages.
No consensus
The national government and union, social and business representatives met on February 15 with the aim of discussing the new value of the SMVM for the next two months.At the meeting, held within the framework of the National Council of Employment, Productivity and the Minimum, Living and Mobile Wage (an organization that brings together representatives of workers, employers, the National State and the provinces) no agreement was reached. , as reported by the General Confederation of Labor (CGT). The unions aspired to an increase of 85%, that is, taking it to 288,600 pesos.
Given the lack of agreement, the Government has now decided to define the new value by decree.
It is an important discursive turn for President Javier Milei , who as early as last Friday—one day after the failed meeting—had assured that he would not set the minimum wage by decree.
“ We don't like setting minimum prices , it is an issue that workers must address with their employers,” he said at that time.
Once tempers had calmed down, over the weekend, it was learned that the president had been forced to reconsider that decision .
The increase that the national government ends up defining will imply a fiscal cost for the updating of these social programs, mainly the Empower Work , which reaches 1.2 million people and which pays half a minimum wage in exchange for a 4-hour work benefit. in different areas such as work in cooperatives, in cafeterias and picnic areas, construction, cleaning or family farming.
The Casa Rosada seeks to cut items for this item of spending, which it considers irregular because it is social assistance “intermediated” by social organizations. In the Excel of the Ministry of Economy, the budget adjustment for Empowering Work should be around 0.4% of the Gross Product , about $750,000 million , a smaller part of the 5 percentage points of GDP that Luis Caputo needs to reach zero deficit in 2024 In any case, as a comparison, it is a similar amount to what would have been contributed, for example, by the reversal of the elimination of the fourth category of Income Tax.
The intention of the Treasury Palace to move quickly towards zero deficit materialized in the first month of the year with a primary surplus of 2 trillion pesos, which led to a positive financial result of $518,000 million, slightly less than 0.3 % of GDP . A relevant part of the adjustment was explained by the pruning of primary spending , which in nominal terms advanced 140 percentage points less than inflation during that same period, which was 254% annually. Retirement and pension spending took the brunt (119% nominal growth) but other social items such as family allowances, AUH, non-contributory pensions and “Other Social Programs”, including Empower Work, had budget executions below the inflation rate.
