The banks agreed to a 66% increase for six months and the starting salary will reach $ 400 thousand pesos in July

The union of bankers led by the deputy of the Frente de Todos Sergio Palazzo agreed to an increase of 66 percent for the first half of the year. In this way, the starting salary will reach $ 398,271 in July.

This new agreement that was announced in the last hours adds 33.5 percent to the 32.5 that they had already agreed previously for the first half of the year.

In addition, Palazzo reported that the payment of an initial bonus for the Day of the Banker, on November 6, of almost 343,000 pesos was agreed.

The agreement reached by the banking union.

In a new hearing convened by the labor ministry headed by Raquel 'Kelly' Olmos and, in the context of the salary review in a timely manner agreed between the parties, trade unionists and businessmen of the chambers and the BCRA agreed on an improvement in income until July and a new review of income scales in August.

"After arduous negotiations, a wage agreement was reached retroactive to last January and until next July of 66%," the general and press secretaries of the union, Sergio Palazzo and Claudio Bustelo, said in a document.

The leaders explained that the 24.1% perceived in April will be added 6%, which will total for that month an increase of 30.1% and, to that index, 14% will be added (5.6% and another 8.4% agreed in the previous agreement), which will represent 44.1% in May.

To that value will be added 11.9%, totaling 56% in June and, on that basis, another 10% will be added, which will represent in the month of July the final 66%, they detailed.

Thus, on the salary basis of December 2022, the salary increases will be 30.1% retroactive to last April; 44.1 per cent in May; of 56% since June and 66% final as of July 1, so the initial salary added to the participation in profits (ROE) will be in April of 312,139.49 pesos, in May of 345,728.68, in June of 374,279.49 and, in July, of 398,271.76 pesos, they said.

"Once again the Banking Association maintains the premise of guaranteeing throughout the parity the defense of the purchasing power of each bank worker," closes the announcement with which the union gave details of the agreement.

Massa's decision that benefited the K union

Last April and through an opinion that opened the door to other unions to claim benefits, the Minister of Economy, Sergio Massa, enabled the exception of the payment of income tax for a series of additional agreements charged by banks, which in practice implied a direct increase in the pocket salary of these workers.

The move was a clear political nod to Palazzo, the head of La Bancaria and one of the unionists closest to Vice President Cristina Kirchner.

The new benefit for bankers was enshrined in a binding opinion of the Undersecretariat of Public Revenues (SSIP), which is under the orbit of Massa, after a joint presentation made by the banking union and the business chambers of Abappra, ABA, ADEBA and the Central Bank.

The agency enabled the exception of the tax in six additional agreement in up to 40% of the non-taxable profit for each one and individually. The additional ones that were exempted from the tax are the productivity bonus, the bonus for participation in the profits of the financial system (ROE), the supplement for cash failure, and payments for per diems, mobility expenses and food vouchers or similar.