BUENOS AIRES (Dow Jones)--Argentina will raise the minimum wage by 23% in two steps, bringing it to 1,840 pesos ($466) per month by January, President Cristina Fernandez said Thursday. Following talks with labor unions, Fernandez said the current minimum wage of ARS1,500 per month would rise to ARS1,740 in September and then increase again at the new year. Some 220,000 workers will benefit from the higher wages, she said.
Unions have pushed for hefty salary hikes this year amid a broad economic rebound and steep inflation. In government-mediated talks with employers, many unions received raises of over 30%.
That comes amid inflation estimated at about 10% by the government. But private economists say the official figures downplay the actual rate, and that inflation is actually about double what the government reports.
-By Shane Romig, Dow Jones Newswires; 54-11-4103-6738; This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Source: http://online.wsj.com/article/BT-CO-20100805-724718.html
