The majority of formal employees, just over six million people, They will end the year with income below inflation.
To clean it: Compared to an expected inflation of 30% for the year 2025, The joint agreements will achieve an average increase of approximately 25%.
Of the large unions’ total joint ventures, only two will end up with guidelines higher than annual inflation: SMATA mechanics and service station personnel, According to the survey conducted in the latest union report by consulting firm Synopsis.
In the first case, SMATA workers achieved a 32.5% salary increase by 2026. Station workers agree to adjust salaries by 29.9%This is practically in line with expected inflation.
In the case of terminal workers, performance is understood in a year in which fuel prices rose above inflation, and oil companies were able to better absorb wage adjustments in joint ventures.
Government limited salary increases: workers’ salaries are below inflation
The official strategy of keeping salaries as an anchor for inflation worked against employee incomes. Whether working in the private sector or working in the public sector.
According to the work of IARAF (Argentine Institute of Financial Analysis), Public payrolls have accumulated a 32.6% loss since November 2023When Javier Miley won the election. 2025 will be another losing year for these officials.
The decline in income – in real terms – for the vast majority of workers has led to lower levels of consumption, which have not been able to recover even though inflation this year will be lower than in previous years.
The unions that lost the most money in 2025
The balance prepared by the consultancy Synopsys, run by political scientist Lucas Romero, shows that the big unions lost out to inflation.
What was said above, with the exception of the parking attendants and mechanics assembled at SMATA, The rest of the unions “pass through the end of 2025 with backward agreements on prices.”
For mechanics, the real improvement in income reached 6.2%, while in the case of parking, the cumulative net profit reached 4.1%.
“In the private sphere, the most affected are Health, UOCRA and the Minerals Association. The situation of mineralogists is critical: they are having struggles after not signing increases since August, which reinforces the significant loss in purchasing power.”concludes the summary report he managed to reach iProfessional.
At the time of preparing budgets, among the unions that lost the greatest amount of purchasing power, the following appears:
- Rail: -12.2%
- Metal Workers Union: -9.8%
- UCN (State): -9.0%
- Food: loss of 8.5% of real salary.
- OKRA (construction): -7.4%
- Health: 7.1% loss in real terms.
- Sutera: -4.8%
- Trade: -4.1%
- Truck drivers: -0.6%
- Banking: finished by hand.
Parity also decreased in November
The summary report stated that this was observed during the month of November “A decrease in the average monthly increases in joint projects, which amounts to about 1.7%. The rate of parity increases continues to show signs of stabilization in these values (parities are between 1.6% and 2% per month), but the CPI continues to rise. “This dynamic makes the joint venture recovery scenario difficult and the unions are on track to close in 2025 under that.”
Unemployment rates fall, despite lower salaries
Despite the loss of purchasing power for salaries, the level of labor conflict is at low levels. Among the lowest rates in the past 20 years, based on official data.
This is what the summary report stated: “Labor conflict recorded its lowest level in the past twenty years during the period from January to August. According to the Ministry of Labor figures: In the first eight months of the year, only 387 struggles with unemployment were recorded. This decline is accidental: both the public and private spheres represent the minimum values of the entire historical series, constituting a scenario of unprecedented calm at that time.
Adjusting the minimum wage
The recent update to the minimum wage approved by the government is in line with the idea of salary stabilization.
In the past two years, The minimum wage was revised from $146,000 in November 2023 to $328,400 in November 2025.
The nominal increase amounted to 124.9%, compared to accumulated inflation in the same period of 250.7%. Thus, the real decrease in the minimum wage reached 35.9%.