Due to high inflation, retirements suffer a
double setback:
it occurs at the time of collecting the
first
retirement credit and, thereafter, each time they are adjusted by the
mobility index.
At the time of retirement the deterioration already begins, because the initial credit is determined based on the average salary of the last 120 updated months.
This update is applied based on a coefficient that is calculated according to the salary evolution of registered workers (
RIPTE
).
And that coefficient has been evolving
below inflation
.
Consequently, the initial credit of the retiree starts with a
more than significant loss.
Then, that initial credit is adjusted every three months by a
mobility index
that takes into account the variation in
wages
and the
tax collection
that goes to Social Security and that also varied
below inflation.
Economy Minister Sergio Massa with the head of Anses, Fernanda Raverta.
Thus, to a reduced
initial “for life” asset,
mobility is added that
reduces the retirement amount
even more.
According to official data, Social Security specialist Elsa Rodríguez Romero calculated that between March 2018 and December 2022, inflation was
752%
and the salary update coefficient rose
558%.
That update index is made up of the splicing of several indices.
In recent years, it was based on the quarterly RIPTE (Taxable Remuneration of Stable Workers), but calculated according to the two previous quarters (Macri management), which accentuated the deterioration against accelerating inflation.
From 2021, the update has been reverted to the previous first quarter.
This means that the remuneration index has grown by 558% and the RIPTE by
592%
, during all those months.
To this loss, it was added that, in that same period, the increases in retirement and pensions, with the management of Mauricio Macri and later Alberto Fernández, had an increase of 514%, below inflation and
wages
. .
These pension increase percentages were not altered by the bonuses that were granted during the current administration because they were not integrated into assets and were only applied to those with lower assets.
This caused that for the group of retirees and pensioners the following increases were calculated on a reduced
salary basis
, without considering the bonuses.
In short, depending on when the person retired,
the loss was double
: when determining the initial credit and then with the increases received by decree (2020) and then according to the mobility indices.
For this reason, Rodriguez Romero affirmed that “without a doubt, a high rising inflation erodes both salaries and pensions.
In retirees
the effect is "forever
", since their first salary was determined from salaries that had already lost their real value, and that, in addition, are updated with a salary index that has also been losing against inflation.
"That first credit will never change. And if, later, the increases to that credit do not follow inflation, the loss of purchasing power
multiplies
. The retiree
is the big loser in the face of inflation
, and it will be like that, until his last credit" concluded Rodriguez Romero.
