Minimum Living Adjustable Wage

In accordance with Resolution No. 2/2007, the Argentine Board of Employment, Productivity and the Minimum Living Adjustable Wage (Consejo Nacional del Empleo, la Productividad y el Salario Mínimo, Vital y Móvil) decided to introduce incremental increases to the minimum living adjustable wage, up from A$ 800 as now in force to A$ 980 as from December next.

The increase in the minimum living adjustable wage will be incremental, as follows:

-         A$ 900 as from August 1, 2007

-         A$ 960 as from October 1, 2007

-         A$ 980 as from December 1, 2007

Likewise, the following minimum payments per hour were agreed upon:

-         A$ 4.50 as from August 1, 2007

-         A$ 4.80 as from October 1, 2007

-         A$ 4.90 as from December 1, 2007

The new minimum wage agreed upon does not affect the collective bargaining agreements which exceed such amount.