In first joint venture of the year, banks agree to 29% increase in line with what the government wants

In the first large joint venture of the year, the Banking Association (AB) and the four chambers of commerce in the sector which includes 103,000 workers closed on Thursday evening a 29% salary increase by 2021, in line with what the government wants.

The climb will be done in three sections: 11.5% in January, 11.5% in April and 6% on August 1confirmed the guild.

The agreement also includes an update to the 2.1% by 2020

The parties established salary reviews in September and November, and a starting salary (including profit sharing) of nearly 92 thousand dollars in January, 101 thousand dollars in April and 106 thousand dollars in August.

“Once again, the banks have closed a great peer, generating advance rights. We did it without conflict and by guaranteeing our rights, ”said the secretary general of the Banking Association, Sergio Palazzo, from his Twitter account.

The deal was reached after the failure of the previous day’s meeting at the Ministry of Labor and the union declared itself “on high alert”.

The government is increasingly concerned about rising prices. In this context, Alberto Fernandez will meet next week with unions and business people. The aim is to put in place an agreement on prices and wages, delayed since the start of administration.

Inflation of 4% in December and the rise in food in recent weeks have raised alarms at Casa Rosada. So they try align increases with the level of wages.

Find that the two variables are around the 29% inflation officially projected for 2021.

Minister Martín Guzmán and Deputy Chief of Staff Cecilia Todesca agreed on Wednesday saying that “there will be no ceiling” in joint ventures, but the banks’ agreement is in accordance with official guidelines and sets a benchmark for other industries who will face their salary negotiations in the coming weeks.

LP