The Government has finally called a meeting of the Minimum, Vital and Mobile Salary Council (SMVM) for July 18 at 2:30 p.m. The council, which was supposed to have been convened at the beginning of June, brings together representatives of employers and unions to determine the value of the SMVM and the unemployment benefit. If there is no agreement between the parties, the Government will make the final decision.
At their last meeting, the government set the minimum wage for April and May 2024 due to a lack of agreement between business and union representatives. However, inflation in Argentina has been high with an increase of 50.2% while it was 71.9% in May resulting in a deterioration of 12.7% in purchasing power. This highlights how crucial it is for both registered and unregistered workers as it sets a reference for wages in the country.
The Unemployment Benefit is also an important aspect of labor policy in Argentina, with it being set at 75% of a worker’s best previous monthly remuneration. However, this benefit cannot be less than half or more than double the current SMVM, which has increased due to layoffs in private sector companies causing more individuals to collect this benefit than before.
This upcoming meeting will be an opportunity for stakeholders to come together and reach an agreement on these important issues that impact fair wages and support for workers in Argentina. It is imperative that all parties involved come together with open minds and work towards finding a resolution that benefits everyone involved.
In conclusion, determining the value of SMVM and Unemployment Benefit are crucial aspects of labor policy that can have significant impacts on Argentine economy and society as a whole. It is hopeful that this upcoming meeting will result in an agreement so that everyone can move forward with certainty about their wages and financial security.
