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Formal salaries in decline: How inflation and policies impact workers’ purchasing power

BySamantha Johnson

Mar 7, 2024
In January, they faced another defeat against inflation.

Since the beginning of 2023, formal salaries with contributions to Social Security have fallen behind inflation once again. On average, formal salaries increased by 14.7%, while inflation stood at 20.6%, resulting in a decline of 4.9%. This decline was further exacerbated by a nominal increase of 24.2% in salaries and inflation of 51.2% in December-January, leading to a total decline of 17.9%.

The overall decline in formal salaries throughout last year continued into January, with a 20% loss in purchasing power. By the end of 2023, the average salary had increased by 149.4% compared to an inflation rate of 211.4%. In January, the average salary was $555,269.16, falling below the poverty family basket value determined by INDEC.

Formal salaries have been on a downward trend since the beginning of last year, with a cumulative loss of over 30% since the end of 2015. Various factors, including government policies and economic conditions, have contributed to this decline in purchasing power.

The RIPTE (Rubro de Ingresos para Pensiones y Transferencias al Fondo de Seguridad Social), which accounts for salaries in both the private and public sectors with pension fund transfers to ANSES (Administración Nacional de Seguridad Social), plays a crucial role in calculating pension mobility. Along with other variables, such as tax collection for Social Security, RIPTE influences the adjustment of pension benefits.

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By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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