The bankers agreed to a salary increase and beat inflation

The Banking Association (AB) and the four business chambers of the activity agreed in the Ministry of Labor a salary increase of 66% retroactive to last January and until July. Thus, in six months they exceed the inflation projected by Sergio Massa for the whole year.

The initial salary of a worker from April will be $310,000 pesos and, in July, it will reach $400,000.

The agreement was communicated by the head of the union, Sergio Palazzo. An initial bonus of $343,000 will also be paid for Banker’s Day on November 6th.

Two days ago, La Bancaria had alerted the possibility of forceful measures: “time is running out,” the union said in a statement.

The new agreement of 66% to July between the union and the business chambers ABAPPRA, ADEBA, ABA and the BCRA will be distributed as follows:

• 24.1% received in the month of April, plus an additional 6%, totaling an increase in April of 30.1%,
• 14% is added (already agreed in the previous agreement) totaling 44.1% in May,” said the union led by Sergio Palazzo.
• To the 44.1% of the month of May, 11.9% is added, totaling 56 percent in June. To the 56% of the month of June, 10% is added, totaling 66% in July”, continued the La Bancaria union.

In this way, the starting salary plus the amount of Profit Participation (ROE): in April it will be $312,139.49; in May of $345,728.68; in June of $374,279.49 and in July of $398,271.76. As they stated, there will be a new review of the salary agreement in August.