Wage Council agrees on minimum wage of $2,875 pesos

Business and union leaders agreed to raise the minimum wage in two installments, first to $2,670 pesos in September and to $2,875 in February next year.

The agreement shows a 25 percent increase, sources from the Wage Council in the Labour Ministry said.

The first adjustment will see a 370 pesos increase in September (a 16 percent raise) and another of 205 pesos in February of 2013 (a 7.8 percent raise).

Present in the meeting were President Cristina Fernández de Kirchner and on behalf of the business sector, Daniel Funes, Ricardo Guell, Carlos Raúl de la Vega and Pedro Etcheberry.

On behalf of the union sector were the CGT’s Gerardo Martínez, and the CTA’s Hugo Yasky and Pedro Wasiejko.

CGT leader Hugo Moyano was not present during the meeting since they are now part of the opposition and refused to take part in it. They are now demanding a $3,500 pesos minimum wage.