Argentina will raise its minimum wage by 25 percent to keep pace with inflation.
The minimum wage in Argentina is already among the highest in Latin America. The latest increase raises it to $2,300 pesos, or about $550 a month.
Private analysts say that Argentina also has one of the highest inflation rates in Latin America, along with Venezuela. They say official government numbers vastly underestimate consumer price increases.
Unions had wanted a 41 percent increase in the minimum wage, while business groups started the bargaining at 18 percent. President Cristina Fernandez praised both union and business leaders late Friday night for reaching an agreement.