The Salary Council established a new increase for the Minimum Vital and Mobile Salary (SMVyM). What is the value of the basic salary in Argentina 2023?
By iProfessional
15/03/2023 – 13,30hs
He Minimum Vital and Mobile Wage (SMVyM) is he minimum wage who should charge a formal worker, have a job full time registered in Argentina.
In addition, it is used to calculate the contribution of each person associated to the social capital of a cooperative, and as a reference for the value of retirement and social plans.
How much is the minimum wage in Argentina 2023?
He Minimum salary, vital and movil actually in march 2023 It is $69.500.
This means that with inflation exceeding 100%, in 12 months the salary increase was 110%.
As far as the 2023los workers will perceive an improvement of 13%, taking into account the salaries of December 2022, which were collected in January 2023, up to the salary of March 2023, which will be collected in April. The percentage of the wage increase es similar to the inflation accumulated in the first two months.
The basic salary in Argentina 2023 started at 69,500 pesos per month for March of this year
What is the minimum, vital and mobile salary?
The minimum, vital and mobile salary is defined in the National Employment Law (Law No. 24,013) as “the lowest remuneration that the worker without family responsibilities must receive in cash, during his legal work day, so as to ensure adequate food, decent housing, education, clothing, health care, transportation and recreation , vacations and forecast”.
The same Law establishes that “every worker older than eighteen (18) years of age shall have the right to receive a remuneration not less than the minimum, vital and mobile salary that is established, in accordance with the law and by the respective organizations.”
What is the minimum, vital and mobile salary or basic salary in Argentina and why is it important?
According to the law, the basic salary must meet three functionsto follow:
- be the lowest remuneration that the worker without family responsibilities must receive in cash for his workday.
- ensure the worker adequate food, decent housing, education, clothing, health care, transportation, recreation, vacations and social security coverage.
- be adjusted periodically according to variations in the cost of living.
The basic salary is also inembargable, except for food debts; and the value is defined periodically in tripartite negotiations between the Government, business chambers and unions.
They make up the National Council for Employment, Productivity and Salary, Minimum Vital and Mobile (CNEPSMVM) which includes 48 members in total, 16 for each of the aforementioned groups represented.
This organization also has president what is appointed by the Ministry of Laboran entity that also has the obligation to convene meetings of this Council when it considers that an update of the minimum, vital and mobile salary or basic salary is necessary.
In 2020 the novelty was that the update of the minimum, vital and mobile wage was signed by a 6 month period instead of a year, as is customary, a symbol of the rapid advance of inflation.
When does the Vital and Mobile Minimum Wage Council meet?
Due to accelerating inflation, the Vital and Mobile Minimum Wage Council with will meet the next March 21st, as the call was made official by the government in the Official Gazette.
The meeting ends analyze the evolution of wages in relation to inflation and define if they are new increases needed of the base remuneration of formal workers for the coming months. If a new minimum wage amount is established, nnew values for social plans that determine your amount of money based on basic salary.
Beneficiaries of Enhance Work Plan they will see each other directly affected for a new value since 50% of the vital and mobile minimum wage is charged, that is, in March $34,750 will be charged. Similarly, people who receive the Universal Child Allowance since there will be one modification as for the income cap to receive it.
Argentina has one of the lowest minimum wages in Latin America.
The value of the minimum wage in Argentina today is equivalent to 185 dollars. This amount is one of the lowest in all of Latin America, it is only above Venezuela, which has a minimum credit of 8 dollars. On the other hand, Costa Rica has the highest minimum wage in the region, with an amount equivalent to 603 dollars per month.
