With the arrival of the IMF, the Government defines the new formula to increase pensions

The Frente de Todos finalizes details about the new pension mobility formula to send the bill to Congress and turn it into law before the end of the year. While those working on the initiative are reluctant to elaborate on the new calculation, broadly speaking, they anticipate that will be similar to the one that prevailed during the Cristina Kirchner. Everything indicates that we will have to wait for the conversations with the mission of the IMF, who will arrive tomorrow in Argentina, to move the topic forward.

“We are having meetings with legislators (from the Frente de Todos) and members of the Executive,” deputy Marcelo Casaretto told this medium., who chairs the mixed commission in charge of presenting the new formula for updating retirement assets before Congress.

It is worth remembering that, Since December of last year, the formula sanctioned during the Macrista era was suspended within the framework of the sanction of the economic emergency, first for six months. But, amid the pandemic of Covid-19 , that suspension was extended for six months plus December, which is why the adjustments throughout the year were made by decree.

As he could know The chronicler, Once there is an agreement between the official legislators and the Executive officials regarding the new formula, it will be presented to the mixed commission chaired by the Entre Ríos and that, during the year, virtually, met more than fifteen times with experts to analyze the different options and variables to take into account around the calculation of what represents close to 50% of public spending.

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To this is added another fact to take into account. And it has to do with what Tomorrow an IMF mission will arrive in Argentina and, precisely, will put its eye on the authorities’ fiscal, monetary and structural agenda for the medium term.

It is probable – for many, “a fact” – that the pension issue will be addressed during the negotiations, which is why the details of the formula, which will be equivalent to that of the Government of Cristina Kirchner, but “with tweaks”, will be known after the visit of the members of the international organization.

“Tomorrow the IMF mission will arrive, so there will be news later,” laughed an opposition deputy who has been closely following the issue.

“It’s the formula for Coca-Cola”Casaretto said when asked for the details of the initiative that must be discussed in Congress to become law before the end of the year, when the suspension of the 2017 formula expires.

Similar to CFK

If the ruling party has been anticipating something around the new calculation – which it had promised to present in Congress in September – it is that it will be similar to the one that governed until 2017. That is, it would combine 70% for the variation in wages (Ripte) and 30% for the collection of social security resources. Meanwhile, the macrista formula was 70% inflation and 30% Ripte.

In any case, according to parliamentary sources, the ruling party would be analyzing – after a series of requests, including those of Together for Change – that the final calculation also considers inflation among the variables to take into account, to preserve the purchasing power of retirees.

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In addition to the new formula, before the end of the year, the ruling party aspires to have the new fiscal consensus and the announced tax reform, which could include the famous “tax on the rich” that has been announced since April and that, although it was already ruled by the Budget and Finance Committee, never reached the premises to be debated in Deputies.

To deal with these and other pending issues, it is already a fact that, at least in Deputies, there will be extraordinary sessions.


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