This emerged from a private study that revealed that it is the 13 industries that will give the greatest increase to their workers outside the agreement, and taking into account the projected annual CPI.
According to a private studio about What are the 13 industries that will provide the biggest increase? on WAGES this year for your staff outside the agreement and considering the expected annual CPI, it turns out that only the banking ones They can beat inflation.
The first fact to consider is that inflation expectations in 2023 will reach 138% according to the July edition of Latin Focus Consensus Forecast which is a report prepared on the forecasts of more than 50 economic consultants and local and foreign banks.
Similarly, the latest edition of survey Trends in Salary Increases in Argentina – TISA#6 done by the human resources consultant Mercer revealed that from 13 industries that plan to provide more increases this year, only banking will exceed the estimated annual CPI.
The rank of the biggest increase
The ranking of increases for 2023, and for staff outside the agreement, is as follows:
1- Bank (147%).
2- Engineering and construction (137.19%).
3- Energy-Oil & Gas (130.35%).
4- Fintech-financial technology solutions (128.15%).
5- Energy-other (126.92%).
6- Health services / Health care services (124.39%).
7- High Tech (124.11%).
8- Telecommunication Services (124.11%).
9- Financial services (123.95%).
10- Automotive/autoparts (123.02%).
11- Insurance (122%).
12- Life Sciences – Pharmaceuticals (120.52%).
13- Agro (120.50%).
Regarding the annual projection of the approved salary increase in the general market for staff outside the agreement, an upward movement of approximately 6% is observed in absolute terms compared to the previous measurement, which puts the median at 120.05%.
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But, obviously The gap between inflation and wage growth continues. On the other hand, decreased in relation to previous editions. For example, in TISA #6 it is 18%, against 25% in TISA #5.
A lower estimate of inflation
“This is partly explained by a lower estimate of inflation in Latin Focus than that observed in the previous report (138% vs 139.2%)” he explained Ivana Thornton Mercer’s Career director for Argentina, Uruguay and Paraguay.
“It is relevant to note that the inflation data from Latín Focus is valid before PASO on August 13, so their impact is not reflected in the projections” the Mercer expert clarified.
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Finally, and regarding the number of raises for the year, 41.7% plan to give 4 raises, 24.3% plan to give 6 or more raises, 19.7% will give 5. On the other hand, the 12.9% would give 3 raises and 1.4% would give two. The most common months for giving a raise are April, July, September and October. In general, the vibration is less than the collective agreements of the personnel under one agreement.
The data is from the Mercer Salary Increase Trends in Argentina (TISA) survey. It was held from August 17 to 24, 2023 and 456 companies participated. The TISA survey includes 8 annual editions with the purpose of surveying the salary projections of companies in the country.