Following months of negotiations that were marked by strike action, an agreement to raise salaries by 15% has been struck between the banking sector unions, employers’ bodies, and the government. Against a backdrop of ongoing high inflation the banking sector is now part of the so-called ‘15% club’.
The 15% pay rise will occur in two stages. The first 10% will be paid retroactively from January 2018 and the second 5% installment is paid in May 2018. In addition ARS 8,500 (€325) will be paid in three segments, with ARS 4,000 in May, ARS 2,500 in July, and a final ARS 2,000 in September. At ARS 30,642 (€1,142), this sector’s minimum monthly salary now represents three times the country’s minimum salary set in July at ARS 10,000 (€382). Furthermore, and according to the terms of the...
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