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Argentine retirees to receive new pension increase

Argentine retirees to receive new pension increase

Buenos Aires, Feb 11 (Prensa Latina) Starting next March, retirements and pensions in Argentina will be increased by 12,28 % in an attempt to counteract the inflation the country is currently undergoing.
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This was announced by President Alberto Fernández accompanied by the head of the National Social Security Administration, Fernanda Raverta, a measure that will cover a universe of approximately 7,1 million people.

The increase corresponds to the first quarterly update of the year established by the Pension Mobility Index (Law No. 27,609) and also includes Family Allowances, Universal Child Allowance and Pregnancy Allowance.

With the new figures, the minimum retirement benefit for retirees will stand at 32,630 pesos (about 300 dollars at the official exchange rate) which represents a 132 % increase compared to that of December 2019. Regarding Child and pregnancy allowances will go from 2,746 (about 25 dollars) to 6,375 (about 60 dollars).

“All retirees will start beating inflation,” said Fernandez after making the announcement. The regulation specifies that the increase will be determined by a mobility formula that combines the variation of salaries according to the Taxable Remuneration of Stable Workers prepared by Social Security and the Wage Index of the National Institute of Statistics and Cencos, taking the higher of the two, and the social security collection.

Thus, the increase to be granted is 2,4 percentage points higher than the one that would have corresponded if the formula implemented by the previous administration had been used for the calculation.

The Government pointed out that since the new formula was applied 15 months ago, pension assets and allowances received increases which, cumulatively, are 8,1 percentage points higher than those that would have been granted under the previous formula.

pgh/arm/mem/may

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