Argentina is a developing economy that ranks 2nd highest in Latin America on the Human Development Index. It is an attractive country for businesses to grow and expand due to its economic and political conditions. It benefits from manufacturing, transport, media and communication, science and technology, and the tourism industry. The country has exhibited considerable growth in the internal market size and a growing share of the high-tech sector.
Buenos Aires, Córdoba, Rosario, Mendoza and San Miguel de Tucumán
The top local universities in Argentina are listed below:
The average monthly salary of some jobs available in Argentina is as follows:
|Job title||Average Monthly Salary (ARS)||Average Monthly Salary (USD)|
|Business Project Manager||56,500||317|
|Human Resource Manager||67,200||377|
The payroll cycle followed in Argentina is monthly.
Argentina’s minimum wage rate is 8,060 Argentine pesos a month,for a maximum of 192 hours worked per month.
Overtime is paid at a rate of 50% unless it’s past 1 pm on Saturday, Sunday, or public holidays, the rate for which is 100%. However, overtime must not exceed 3 hours a day or 30 hours a month.
The 13th month’s salary is mandatory in Argentina. They are paid in semi-annual installments – one part due before 30th June and the other part by 18th December.
|Payroll Category||Tax %|
|Pension Fund||18% or 20.4%*|
|Social Health Care Plan||6%|
*Note: The rate is increased to 20.4% for companies whose main activity consists of rendering services or commerce, provided the amount of their total annual sales exceeds the amount to be considered a small and medium-sized enterprise (SME).
|Payroll Category||Tax %|
|Social services institute for pensioner||3%|
|Social Health Care Plan||3%|
|Taxable income (ARS)||Tax on column 1 (ARS)||Tax on Excess (%)|
|Over (column 1)||Not over|
The standard VAT rate is 21% and a reduced rate of 10.5% for certain industries.
Termination in Argentina can take place with few restrictions.
The employer must notify the termination of the employee in writing. An employer is required to give a minimum of 15 days to 2 months notice period of dismissal, while an employee must give 15 days notice for resignation.
An employer can terminate the contract on mutual agreement, a just cause, or grounds of misconduct and would not be required to give any notice period or payment in this case.
The notice period for employees during the probationary period is from 15 to 30 days, while for permanent employees, it ranges from 15 to 60 days.
Severance payment for those employees who are dismissed without a just cause is equivalent to one month’s salary on each year of service, or a fraction of a year exceeding 3 months.
According to the statutory law of Argentina, severance payment for employees dismissed for redundancy is equivalent to half of the payment as per.
No severance payment is due for dismissals with just cause.
Employees working for more than 90 days in Argentina need a 23A or 23E visa.