In the throes of economic recession, and amid widespread uncertainty, Argentina’s banking sector has just signed a ‘Super-agreement’, or ‘Record-agreement’ that updates and revalues salaries (paritaria), taking the 2019 year-to-date rise to an inflation-matching 50%. This latest increase raises the sector’s salary floor to more than three times the minimum salary. The agreement comes at a time of broadly generous salary increases for workers within the banking sector.
In terms of the finer details, the agreement was signed during the week of September 30 and intends for a 10% increase, backdated to September, a 5% increase for October, and a 5% increase for November. The previous July increase raised salaries by 30%. This latest salary revaluation is the result of the ‘trigger-clause’ (claúsula gatillo) that intends for updates if salaries fall behind inflation. If inflation goes on to breach 50% in December then banking salaries will be revised once again.
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