After sharp decline in the months of December and Januarythe purchasing power of formal salaries with social security contributions it lost again in February against inflation.
On average Formal salaries increased by 11.5% against inflation of 13.2%.
Thus, despite the joint ventures having agreed upon increases, in just 3 months salaries had a nominal increase of 38.5% (8.3% in December, 14.7% in January and 11.5% in February) and inflation in the December-January-February period was 71.3%, which represents a decline of 19.2%, according to INDEC and RIPTE (Taxable Compensation of Permanent Workers) data prepared by the Secretary of Social Security, which includes 10 million formal workers in the public and private sectors.
February’s wage decline compounded the decline suffered by formal wages over the past year. Thus, 2023 ended with an average salary that went from 194,175.11 dollars in December 2022 to 484,298.40 dollars in the same month of 2023. It represents an increase of 149.4% against inflation of 211.4%. It’s equivalent a 20% loss in purchasing power.
In February, The average salary was $619,007.05, a value lower than that of the family poverty basket which, for a couple with 2 minor children, estimated by INDEC at 690,901.57 dollars, without considering the rent. This explains the increase in workers with formal employment and social security contributions living in poor households.
Compared to the end of 2015, RIPTE accumulates a loss of more than 30% of which 20 points They correspond to the government of Mauricio Macri and 10 points to that of Alberto Fernández to which these autumns of December, January and February are now added.
RIPTE considers the wages of national, provincial and municipal private sector and public sector workers who have transferred their pension funds to SIPA-ANSeS, as clarified by the Secretary.
The RIPTE (or INDEC Salary Index) is one of the variables that is taken into consideration for the calculation of pension mobility together with the evolution of the tax collection that goes to Social Security, discounting the increase in the ranking of beneficiaries.
The Ministry of Social Security clarifies that for the calculation of the RIPTE the following are considered:
- The salaries assessed are those corresponding to tasks with seniority equal to or greater than 13 months. That is, salaries for new jobs are excluded.
- Considers the salaries of employees in the private sector and in the national, provincial and municipal public sector who have transferred their pension funds to SIPA./ANSeS
- It only quantifies the remunerative components of the salary (taxable to the social security system).
- It takes into account the amount of salary up to the taxable limit defined for personal contributions to the social security system.
SN
Source: Clarin
