The Federation of Workers of the Oilseed Industrial Complex, Cotton Gins and Related Workers (FTCIODyARA) together with the Union of Oil Workers and Employees of San Lorenzo (SOEA) agreed on a new salary agreement with the business chambers of the sector (CIARA, CIAVEC and CARBIO). As of September, the basic salary reaches $508,302.11.
With this update, the salaries of oil workers reached an annual increase of 125%. The sector led by Daniel Yofra also agreed to a non-remunerative allocation of almost $50,000 that will be received from October.
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According to the union, the joint negotiation “was based on the right to a minimum, vital and mobile wage as defined in article 14 bis of the national Constitution and article 116 of the Labor Contract Law.”
Oil producers parity: how is the basic salary in September 2023
As a result of the new peer review, the initial minimum wage for the oil sector is composed as follows:
Basic salary: $458,828.44; Non-remunerative allowance: $49,473.68; In total, as of September the minimum wage is $508,302.11.
The update achieved an annual increase of 125% for oil workers. (Photo: Télam)
The Federation ratified “the bond with the SOEA San Lorenzo to represent the interests of the workers” in the face of “the onslaught of a very difficult economic situation, in which the greed of concentrated corporations accelerates inflation and generates suffering.”
Bankers demand that the trigger clause be activated after August inflation
Oil producers and banks are among the unions that achieve the best parity increases in this 2023 marked by very high inflation. The La Bancaria union agreed to a trigger clause so that salaries do not lose against prices.
Thus, after knowing the inflation of 12.4% in August, the worst in more than 32 years, they asked for an additional 5.2% to be paid with September salaries. The starting salary plus profit sharing (ROE) would raise the minimum to more than $430,000.
“It must be adjusted retroactively to August 1, 2023, 5.2% on all conventional and non-conventional remunerations and additional benefits, based on salaries as of December 2022,” the union indicated in a press release. According to what is established, the difference should be paid with September salaries.