Wages in Argentina Suffer Record Drop after Milei Devalues Peso

[Used]

(Bloomberg) -- Private-sector wages in Argentina fell the most in nearly three decades after President Javier Milei’s currency devaluation, according to a new government report.

Wages in Argentina Suffer Record Drop After Milei Devalues Peso

(Bloomberg) -- Private-sector wages in Argentina fell the most in nearly three decades after President Javier Milei’s currency devaluation, according to a new government report. Most Read from BloombergTrump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest PeopleTrump Vows to...

finance.yahoo.com

 

[Albany]

(Bloomberg) -- Private-sector wages in Argentina fell the most in nearly three decades after President Javier Milei’s currency devaluation, according to a new government report.

Wages in Argentina Suffer Record Drop After Milei Devalues Peso

(Bloomberg) -- Private-sector wages in Argentina fell the most in nearly three decades after President Javier Milei’s currency devaluation, according to a new government report. Most Read from BloombergTrump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest PeopleTrump Vows to...

finance.yahoo.com

As someone deeply involved in wage payments, I find the title to be completely misleading and sensationalist. The average wage in my sector has significantly increased since February, now exceeding $1,050 USD, with further negotiations in progress. This marks a substantial rise from the previous average of around US$350 back in November 2023.

Most companies I know have also given significant raises.

 

[old fart]

As someone deeply involved in wage payments, I find the title to be completely misleading and sensationalist. The average wage in my sector has significantly increased since February, now exceeding $1,050 USD, with further negotiations in progress. This marks a substantial rise from the previous average of around US$350 back in November 2023.

Most companies I know have also given significant raises.

What sector or industry are you in? Did everyone in your entire company and sector get raises? I read that by law many unions have to raise salaries but my neighbor said his employer gave a 25% increase voluntarily.

 

[Albany]

What sector or industry are you in? Did everyone in your entire company and sector get raises? I read that by law many unions have to raise salaries but my neighbor said his employer gave a 25% increase voluntarily.

I am involved in construction but I have business colleagues in other fields like healthcare, transportation, etc. I ain't talking about executive pay only either. These are normal employees and all are paid above board and in white. Almost all of these workers are part of some sort of union.

This isn't just huge employers but some small and medium sized companies as well. But the bigger companies are paying their executives more too. Everyone acts like everyone is making very little in Argentina but many executive roles paying 4-6 million pesos per month.

Uneducated private security guards are making between $600 to $900 USD per month in many places. Of course you have lower level uneducated salaries that are lower. Some of them have gotten raises too. Maids are making mostly between 275,000 pesos to 325,000 pesos per month right now.

I am not saying these wages are terribly high. But take a look at other salaries around Latin America or elsewhere in the world. The grass ain't always greener. Plus, unlike our pals in Europe and other places, not many of these Argentine workers are sweating over paying ANY ncome taxes.

But hey, I get it. It's way easier for some expats sipping mojitos to buy into the headline hoopla than to dive into the real-world economic currents.

 

[IrishLad]

I am involved in construction but I have business colleagues in other fields like healthcare, transportation, etc. I ain't talking about executive pay only either. These are normal employees and all are paid above board and in white. Almost all of these workers are part of some sort of union.

This isn't just huge employers but some small and medium sized companies as well. But the bigger companies are paying their executives more too. Everyone acts like everyone is making very little in Argentina but many executive roles paying 4-6 million pesos per month.

Uneducated private security guards are making between $600 to $900 USD per month in many places. Of course you have lower level uneducated salaries that are lower. Some of them have gotten raises too. Maids are making mostly between 275,000 pesos to 325,000 pesos per month right now.

I am not saying these wages are terribly high. But take a look at other salaries around Latin America or elsewhere in the world. The grass ain't always greener. Plus, unlike our pals in Europe and other places, not many of these Argentine workers are sweating over paying ANY ncome taxes.

But hey, I get it. It's way easier for some expats sipping mojitos to buy into the headline hoopla than to dive into the real-world economic currents.

I wonder which is correct. Reading the article above from Bloomberg seems to be implying the exact opposite of what you're stating.

Wages in Argentina Suffer Record Drop After Milei Devalues Peso

(Bloomberg) -- Private-sector wages in Argentina fell the most in nearly three decades after President Javier Milei’s currency devaluation, according to a new government report. Most Read from BloombergTrump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest PeopleTrump Vows to...

finance.yahoo.com

 

[Avocado]

Wages very poor in Argentina. For anyone to try to argue it high is lying. Record high people poor and hungry. And look this crazy President Milei think all the people have USD saved up.

Milei confirmó que se frenará la emisión de pesos y sugirió a la gente que saque sus dólares del colchón

El proceso de “remonetización”, típico de economías en fase de recuperación, no se daría esta vez por una expansión del dinero en circulación, sino en divisas. El Presidente descartó que se vaya a acelerar la devaluación del tipo de cambio oficial

www.infobae.com

 

[Opera Fan]

Wages very poor in Argentina. For anyone to try to argue it high is lying. Record high people poor and hungry. And look this crazy President Milei think all the people have USD saved up.

Milei confirmó que se frenará la emisión de pesos y sugirió a la gente que saque sus dólares del colchón

El proceso de “remonetización”, típico de economías en fase de recuperación, no se daría esta vez por una expansión del dinero en circulación, sino en divisas. El Presidente descartó que se vaya a acelerar la devaluación del tipo de cambio oficial

www.infobae.com

I agree not everyone here has dollars saved up but almost all the people I know in Argentina save dollars. But many are telling me they are selling them now to get by.

 

[Billy Goat]

I am involved in construction but I have business colleagues in other fields like healthcare, transportation, etc. I ain't talking about executive pay only either. These are normal employees and all are paid above board and in white. Almost all of these workers are part of some sort of union.

This isn't just huge employers but some small and medium sized companies as well. But the bigger companies are paying their executives more too. Everyone acts like everyone is making very little in Argentina but many executive roles paying 4-6 million pesos per month.

Uneducated private security guards are making between $600 to $900 USD per month in many places. Of course you have lower level uneducated salaries that are lower. Some of them have gotten raises too. Maids are making mostly between 275,000 pesos to 325,000 pesos per month right now.

I am not saying these wages are terribly high. But take a look at other salaries around Latin America or elsewhere in the world. The grass ain't always greener. Plus, unlike our pals in Europe and other places, not many of these Argentine workers are sweating over paying ANY ncome taxes.

But hey, I get it. It's way easier for some expats sipping mojitos to buy into the headline hoopla than to dive into the real-world economic currents.

If your intent is to try to say there are a lot of high paying jobs here my argument would be that this is a city of 13 million people. Sure there are people that have higher salaries. But the vast majority are making very little here. Look at the poverty numbers. They are bad and getting worse.

 

[earlyretirement]

I am involved in construction but I have business colleagues in other fields like healthcare, transportation, etc. I ain't talking about executive pay only either. These are normal employees and all are paid above board and in white. Almost all of these workers are part of some sort of union.

This isn't just huge employers but some small and medium sized companies as well. But the bigger companies are paying their executives more too. Everyone acts like everyone is making very little in Argentina but many executive roles paying 4-6 million pesos per month.

Uneducated private security guards are making between $600 to $900 USD per month in many places. Of course you have lower level uneducated salaries that are lower. Some of them have gotten raises too. Maids are making mostly between 275,000 pesos to 325,000 pesos per month right now.

I am not saying these wages are terribly high. But take a look at other salaries around Latin America or elsewhere in the world. The grass ain't always greener. Plus, unlike our pals in Europe and other places, not many of these Argentine workers are sweating over paying ANY ncome taxes.

But hey, I get it. It's way easier for some expats sipping mojitos to buy into the headline hoopla than to dive into the real-world economic currents.

People that don't own businesses in Argentina don't really understand the dynamics of how things are there. So many unions there that force salary increases. Most of my friends the past few months were giving voluntary increases even before the unions demanded it. I have many friends that own construction companies and they were giving big increases to their employees to help with the tremendous inflation.

Salary levels are all across the board depending on job and skill level and company. I think what @Albany is getting at is they are low in Argentina but they are low in many other countries in Latin America too.

 

[Jenn]

My friend there has made a lot of friends and most of them don't make that much. Her friend that is a secretary is making about $650 USD per month. Another that is a waitress with tips is making about $700 USD per month and that is working a LOT of extra hours and overtime. She did meet a lawyer that is making about $2,000 USD month but the typical worker sounds like they aren't making much at all. That same lawyer in the USA at the same level would be making $20,000 USD per month.

 

[MikeYoung]

As someone deeply involved in wage payments, I find the title to be completely misleading and sensationalist. The average wage in my sector has significantly increased since February, now exceeding $1,050 USD, with further negotiations in progress. This marks a substantial rise from the previous average of around US$350 back in November 2023.

Most companies I know have also given significant raises.

This can't be true that companies were paying $350 USD in November and now they are getting $1050! I have met many people here and while many have gotten 20% to 25% increases the vast majority didn't get increases like you are talking about. You are living in La La land if you think people all are making 4 figure USD salaries here. Sure some but most are not.

 

[margarett]

At least he is sincere and acknowledges that salaries in Argentina today are miserable... I just hope and have faith that everything will improve.

Milei descartó una nueva devaluación y reconoció que “hoy los salarios son miserables» – Agenda 4P

agenda4p.com.ar

 

[Petra]

According to the National Institute of Statistics and Census (Indec), a typical family had to have an income of $322,851 not to be considered indigent and $690,902 not to be poor.

This is getting harder and harder 😥

Una familia necesitó en febrero $690.902 para no ser pobre

La canasta básica total, que se utiliza para delimitar la pobreza, aumentó 15,8%, por encima de la inflación, pero por debajo de lo que había crecido en enero y febrero; la canasta alimentaria, que se usa para medir indigencia, subió 13,1%

www.lanacion.com.ar