he The wage index increased by 2.2% in September. Monthly and 46.0% on an annual basis, according to what was reported by the National Institute of Statistics and Censuses (INDEC). The indicator is accumulating upwards 30.4% compared to December 2024, exceeding to 22.0% in the first ten months of the year, according to INDEC.
The monthly increase is 2.2% due to… An increase of 1.4% in the registered private sector 1.1% in the public sector and 5.7% in the unregistered private sector. In the first two cases, the increases lost to inflation by 2.1%, while the third exceeded it.
Disposable income improved slightly in August, but consumption has yet to recover and the credit deficit hit a historic record
The average annual increase of 46.0% was the result of increases of 32.9% in the registered private sector, 35.0% in the public sector and 120.2% And in the unregistered private sector, which was in all cases higher than the inflation rate of 31.8%.
Registered salaries
according to Nadine Arganiaraspresident IrafIf the real change in salaries between years is taken into account, there is a Increase in the public sector (2.5%) And an increase in the registered private sector (0.9%).
“If we look at the partial real variation in salaries in the first nine months of 2025, we see Public sector increase by 5.5% (a decrease of 18.9% compared to 2023) and an increase in the registered private sector by 7.1% (a decrease of 2.7% compared to 2023).
According to Arjanyaras, if these real levels are maintained during the rest of the year, registered annual private salaries could end the year at a rate of Real growth of 5.0% and overall growth of 4.3%.
Regarding the dynamics of private salaries in the Miley era, Arganiaraz emphasized that private salaries recorded in September were 0.7% lower than in November 2023 and that public sector salaries were 14.0% lower.
Forecast for October
“Inflation of 2.3% in October may have triggered a new real decline. If September’s real levels are maintained through the rest of the year, annual registered private salaries could end the year with 5.0% real growth and public salaries with 4.3%,” Arjaniaras said.
For its part, Equilbra Consulting confirmed that “our estimates based on the joint agreements of the main unions (25 collective labor agreements) show a nominal increase of 1.7%.”
They added: “Although the average salary recorded by SIPA has been growing above what was signed into collective labor agreements over recent months, there are indications that the official real salary would have continued the decline that was reversed in September.”
LM/DKK
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