Argentina, under the leadership of President Cristina Fernandez, is set to raise its minimum wage by 25% to approximately $550 per month wages. The Latin American country already was paying the highest minimum in the region and is living under the highest inflation rates in the region.
The minimum wage increase was the result of a brokered deal between business and union interests. The unions were actually seeking a 41% increase while business interests only wanted a 18% increase.
The Minimum Wage Council that actually brokered the deal says the new minimum wage increase will not have scales of implementation and effective immediately.