Argentina Raises Pensioner Payments by 16.8%, Fernandez Says
Argentine retirees will receive a 16.8 percent increase in the minimum pension, taking the increase this year to 37.1 percent, President Cristina Fernandez de Kirchner said in a speech in Buenos Aires today.
The increase announced today, the second this year, will cost the government 20 billion pesos ($4.8 billion), Fernandez said.
A total of 6.83 million pensioners will benefit from the increase, which will raise the minimum payment to 1,434 pesos ($345) a month starting in September, she said.
Since Fernandez seized about $24 billion in private pension funds in late 2008, the social security agency is obliged by law to increase pensions twice a year. Adjustments are calculated using a formula that takes into account increases in government revenue and in workers’ wages.
To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net
To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net
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