Multiple Argentine business associations spoke out against the two AR$30,000 bonuses for workers earning less than AR$400,000 a month —one of the measures announced by Economy Minister Sergio Massa on Sunday to counterbalance the economic impact of the 22% devaluation imposed two weeks ago. The UIA said the government should regulate the macro-economy and fight against inflation instead of altering “wage discussions through unilateral measures.” Nevertheless, the group said that its associated chambers and industries will “comply with the regulations in force.”The CAC expressed “deep concern” for the measure. The association said it was “fully aware of the deterioration in the purchasing power of wages,” but added that “a good part of the country’s companies are in a delicate situation” due to stagnation and a decade of disorder in the macroeconomy. “[That] makes it infeasible for them to afford the bonus,” it continued. “Micro, small, and medium-sized companies have been losing economically for several months and this imposition will worsen this loss,” CAME continued.

Source: Bueno Aires Herald August 30, 2023 00:08 UTC