Palazzo will be reelected for another 4 years in the elections of the banking union

Palazzo: "We believe that joint negotiation has been fruitful"

Head of the Banking Association, Sergio Palazzo.

The head of the Banking Association (AB) and national deputy for the Frente de Todos (FdT), Sergio Palazzo, thanked the workers in the sector for “having patiently waited” for the joint negotiation reached on Thursday and described it as “fruitful”.

The AB and the four chambers of the sector agreed on Thursday the joint 2022 with a total salary increase of 94.1 percent in four tranches, including additional ones, on the salary in force as of December 2021, with which the initial salary from September will be almost 202 thousand pesos.

The parties also agreed that the workers will receive an initial bonus of 185,500 pesos for Banking Day and that there will be a review of the agreement next December.

The leader recalled that the recomposition of assets will be applicable to current income as of December 2021

“We deeply thank the bank workers for having patiently waited for the results of this negotiation that we believe has been fruitful,” Palazzo said this morning at a press conference in which he highlighted the points agreed for the sector.

“In the agreement, an annual increase of 94.1% was achieved, including all the additional ones, so that as of September 1, an improvement of 14% will be incorporated into the salary, from October another 10, the same in November and 9% in December,” said the leader at the beginning of the press conference he gave in the Malvinas Argentinas Hall on the first floor of the guild, located in Sarmiento at 300 of this capital.

In the meeting with the press, Palazzo said that in the negotiations there was “the opportunity to discuss seriously and that it be properly interpreted”, and remarked that, for this reason, an agreement could be reached.

The leader recalled that the recomposition of assets will be applicable to current income as of December 2021so that the initial salaries of bankers (including the participation in Profits -ROE-) will be 201,924.72 pesos in September, 214,155.18 in October, 226,385.63 in November and 237,393.03 pesos in December.

That sum will be instrumented with a salary in September of 196,251.70 pesos plus 5,673.02 pesos for participation in the Profits; in October 208,138.54 plus 6,016.64; in November, 220,025.38 plus 6,360.25 pesos and, in December, 230,723.53 plus 6,669.50 pesos.

Meanwhile, he added that there will be a new review of the salary agreement in December of this year and, the retroactive to last September 1 will be paid before next October 15.

The salary agreement signed with the bankers was formalized on Thursday on the 18th floor of the Ministry of Labor, at 600 Leandro N. Alem Avenue in the city of Buenos Aires, and participated, in addition to Palazzo and other leaders of the leadership and national peers, Minister Claudio Moroni, and the head of the Bank of the Argentine Nation (BNA), Silvina Batakis.

There will be a new revision of the salary agreement in December of this year and, the retroactive to last September 1 will be paid before next October 15

The agreement contemplated the ABA, ABE, Adeba and Abappra chambers and the Central Bank (BCRA), in the context of a parity that governs from December to December.

When asked about the inflation index, Palazzo considered “incomprehensible that we continue to have increases that were made when the dollar was rising. Now it has fallen, and prices are not going down.”

“We see that there is an opportunism to increase profitability by oligopolistic sectors”Palazzo added and later, as a legislator, he asked to have “different views regarding, for example, what the opposition says when it talks about taxes.”

“On the one hand, a CEPA report denied the number of taxes that they said existed; and on the other, what was never discussed is that in Argentina there are more than 200 tax exceptions that favor businessmen. Some are positive but it is also necessary to review others that have been going on for many years and Economy Minister Sergio Massa spoke about this, and we believe that it is an outstanding debt,” he added.

In relation to the income tax, Palazzo announced that this Friday they will present Massa “a note so that the updates are brought forward based on the fact that there is mobility within the joint operation.”



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