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Basic Economic Summary

Argentina is a developing economy that ranks 2nd highest in Latin America in the Human Development Index making it an attractive country for businesses to grow and expand their businesses. Benefitting from sectors such as manufacturing, transport, media and communication, science and technology, and the tourism industries that employ the largest number of people in the economy. The country has exhibited considerable growth in the internal market size and a growing share of the high-tech sector.


  • Local Languages: Spanish, Italian, Arabic, English
  • Capital: Buenos Aires
  • Currency: Argentina Peso
  • Population (2021): 45.60 million
  • Time Zone: UTC - 3
  • Date Format: dd/mm/yyyy

Useful Information

  • GDP Per Capita (in USD): 9,890
  • Exchange Rate (ARS/USD): 0.0100

Local Universities

Top Local Universities

University Rankings
Universidad de Buenos Aires Ranking in Argentina: 1, World Ranking: 392
Universidad Nacional de La Plata Ranking in Argentina: 2, World Ranking: 489
Universidad Nacional de Mar del Plata Ranking in Argentina: 3, World Ranking: 1529
Universidad Tecnológica Nacional Ranking in Argentina: 6, World Ranking: 1869
Universidad Nacional de Córdoba Ranking in Argentina: 7, World Ranking: 1871

Salary Data

Average Salary of Jobs (Per Month)

The table below shows the average salaries of some jobs in Argentina. Please refer to SalaryExplorer for more information.

Job Title Average Salary Range (ARS) Average Salary Range (USD)
Surgeons/Doctors 90,700 - 254,000 941.26 - 2635.94
Judges 76,200 - 213,000 790.78 - 2210.45
Lawyers 61,700 - 173,000 640.30 - 1795.34
Bank Managers 58,100 - 162,000 602.94 - 1681.19
Chief Executive Officer 54,400 - 152,000 564.55 - 1577.41
Chief Financial Officers 50,800 - 142,000 527.19 - 1473.63

Talent Sourcing Tips


Employer Payroll Tax

The employer payroll tax is calculated as follows:

Category Rate
Pension Fund, Family Allowance and Social Contributions 19.50%
Social Health 6.00%

Employee Payroll Tax

Employee Payroll Tax

The employee payroll tax is calculated as follows:

Category Rate
Pension Fund, Family Allowance and Social Contributions 14.00%
Social Health 3.00%

Employee Income Tax

Income Tax in Argentina is calculated as follows:

Taxable income (ARS) Tax on column 1 (ARS) Tax on excess (%)
Over (column 1) Not over
0 64,532.64 - 5
64,532.64 129,065.29 3,226.63 9
129,065.29 193,597.93 9,034.57 12
193,597.93 258,130.58 16,778.49 15
258,130.58 387,195.86 26,458.39 19
387,195.86 516,261.14 50,980.79 23
516,261.14 774,391.71 80,665.80 27
774,391.71 1,032,522.30 150,361.06 31
1,032,522.30 and on 230,381.54 35

Minimum Wage & Payroll

Minimum Wage

The minimum wage in Argentina with retirement benefits is ARS 32,000 per month.

Payroll Cycle

The employee must be paid monthly.


13th month salary

There are two semi-annual installments in Argentina for 13th month salaries which are due prior to 30th June and 18th December.

Employee Stock Options

stock markets are not commonly used as an incentive for employees by Argentine companies. This is due to the Argentine stock market is not developed as the stock trading value on a daily basis is low. However, most stock options are offered to employees at a senior level or directors by an MNC headquartered abroad.

Learn further about employee stock options in Argentina here.

Working Hours & Statutory Leave

Working hours

The typical number of working hours in Argentina is 48 hours a week or 8 hours a day.

Overtime pay

In terms of overtime, overtime will be paid at a rate of 50% unless it's post 1pm 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.

Public Holidays

Number of public holidays is 18 days. The list of holidays can be found here.


Annual Paid Leave

The number of paid leave days entitled to employees in Argentina is dependent on their seniority: 

  1. Less than 5 years: 14 days
  2. Between 5 - 10 years: 21 days
  3. Between 10 -20 years: 28 days
  4. More than 20 years: 35 days

Sick Leave

Paid sick leave in Argentina is allocated on the following basis:

  1. Employees with less than 5 years of experience: 3 months
  2. Employees with 5 or more years of experience or with dependents: 6 months
  3. Employees with 5 or more years of experience and with dependents: 12 months

Parental Leave

Female employees are entitled to 90 days of maternity leave. Maternity benefits are paid by the state.

Paternity leave is given for only 2 days after the birth of the child.

Offboarding & Termination

Termination Process

Termination in Argentina can take place with few restrictions. 

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 a just cause or grounds of misconduct and would not be required to give any notice period or payment in this case. Whereas, an employer would be required to give the statutory pay if the employer terminates the contract on grounds of pregnancy, marriage of an employee, or sickness, among others.

Notice Period

Notice period depends on the duration of the employment:

  • Probation period - 15 days’ notice
  • Upto 5 years - 1 month in advance
  • 5+ years - 2 months in advance

Severance Pay

Severance pay is equal to one month’s salary per year of service.

‍Probation period

The probation labor contract should not exceed 3 months.


Healthcare schemes in the form of mandatory insurance are to be provided by the employers. This entitles the employees to free medical treatment and hospital care and must be funded through employer contributions and employee withholdings by the means of a percentage of the employee's salary. 

The employer must provide mandatory life insurance to the employees, payable by the employer through the monthly contributions made by them. 

Any additional insurance contributions must be agreed upon in the form of writing.


The standard VAT rate is 21% and a reduced rate of 10.5% for certain industries.

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