The National Government has announced a new bonus of 55 thousand pesos for retirees and pensioners who earn the minimum. This bonus will be paid in February 2024 and applies to various categories of pension benefits. The bonus will be paid to those who receive an amount less than or equal to $105,712.61, and for those who exceed that number, the pension financial aid will be equal to the amount necessary until reaching the ceiling of $160,712.61.
The government clarified that the bonus will not be subject to any discount or computable for any other concept. This measure is in response to the serious socioeconomic situation in the country, which has led to an accelerated rise in the price index, impacting older adults with lower incomes.
In addition to the bonus of 55 thousand pesos in February, retirees and pensioners will receive the reinforcement of 22,207 pesos provided by ANSES. The fifth article of Law 27,426 provides that retirees and pensioners of the minimum and those who have 30 years of contributions must receive salaries equivalent to 82% of the Minimum Living and Mobile Wage (SMVM) ($156,000). That is why the pension agency will grant a supplement of $22,207 on top of the $105,713 to reach the $127,920 provided by current regulations.
The current retirement mobility formula will continue until April, after which the assets will be adjusted by the consumer price index (CPI). The government will comply with the quarterly adjustment that corresponds to all retirees in March, respecting the current formula. Starting in April, an automatic monthly inflation update begins based on the latest inflation data available from Indec. This way, retirees are guaranteed to maintain their purchasing power.
The mobility index will be obtained monthly according to the latest monthly inflation data available at the beginning of each month’s payment cycle. Inflation will be defined as the monthly variation of the National Consumer Price Index published by the National Institute of Statistics and Censuses. In no case may the application of said index produce a decrease in the assets received by the beneficiary. The first update on the basis of mobility provided for in this article will become effective as of April 1, 2024.
The government has acknowledged that the mobility formula has been harmful to retirees and has not served to maintain their purchasing power. In addition to the bonus, the government has announced that it would pay another reinforcement in February, but the amount was not specified. This is in response to a context of growing inflation, adjustment, and fall in purchasing power.
Meanwhile, in Congress, the committee’s treatment of the Omnibus Law continues, which includes a new retirement mobility formula. The government is taking steps to address the impact of high inflation on the consumption of Argentines, particularly retirees and pensioners. The new bonus and adjustments to the retirement mobility formula are part of these efforts.
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