Pressured by the acceleration of prices, the Government begins to discuss the increase in the minimum wage

One week after the dissemination of the inflation data corresponding to February, with a number higher than that foreseen by official estimates, and in the midst of a significant rise in the price of food, the Government will face the discussion on Tuesday for the increase in the minimum wage.

The meeting -the first so far this year- was convened by the Ministry of Labor and will take place on Tuesday afternoon with the participation of union representatives and business chambers that are part of the Council of the Minimum Vital and Mobile Wage (SMVM ).

The agency resolved in November that as of March 1 the minimum income is $69,500. A family of four made up of two adults and two children needed $177,063 in February to not be considered poor, according to INDEC, so if that household receives two minimum wages today, it does not exceed the threshold.

Also read: A worker who earns the minimum wage lost $1,473,000 in the last eight years

This occurs in the midst of a scenario marked by a sharp jump in inflation, which in February was 6.6% and the rise was even greater in the food item, where the rise was 9.8%, the largest jump in six years.

In addition to being the sector with the highest incidence in all regions of the country, it is the one that most affects vulnerable sectors, who allocate almost all of their income to cover the basic food basket.

The official guideline set by the Budget is 60% annual inflation. However, private consultants anticipate that in 2023 it will be close to 100%. It will be necessary to see, then, what will be the increase in the minimum wage that will be defined during the meeting, although it is usually linked to official expectations and surely the decline of recent years will not be recovered.

Meat was the main driver of February food inflation: it rose up to 35%. (Photo: NA / Marcelo Capece)

The minimum wage is the lowest remuneration that a worker without family responsibilities must receive during his legal workday to ensure a dignified life. The value serves as a reference for the informal sector and also for updating social programs, such as Potenciar Trabajo or Becas Progresar.