Argentina will pay an “income boost” to informal workers

The Minister of Economy of Argentina and candidate for president, Sergio Massa, reported that the State will take measures to support informal workers who have suffered the ravages of growing inflation in the country.

The program will consist of the disbursement of the sum of 47,000 pesos (equivalent to $128.5) in both October and November.

This measure will benefit informal workers between the ages of 18 and 64, who lack registered income and do not receive any type of financial assistance from the State.

According to the most recent data provided by the authorities, the labor informality rate among salaried workers reached 36.8 % in the second quarter of this year. It is important to note that this figure does not include people who work informally on their own.

This new measure adds to a series of initiatives previously announced by Massa in recent weeks, aimed at partially offsetting the loss of income experienced by the acceleration of inflation in August, which reached 12.4 % compared to July and a 124.4 % in interannual terms. This increase came after a 22 % devaluation in the official exchange rate, which occurred one day after the August 13 presidential primaries.

Massa reiterated that this devaluation was imposed by the International Monetary Fund (IMF) as part of the recent reviews of the debt refinancing agreement worth $45 billion, signed with the organization in March 2022.

K. Tovar

Source: Bloomberg

(Referential image source: Pepi Stojanovski, Unsplash)

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