The norm, in detail
Pensions: monthly adjustment by inflation
DNU 274/2024
in forceNATIONAL
State, institutions and security
What changed and who it applies to
What changed
It replaces art. 32 of Law 24.241: pension benefits are updated MONTHLY according to the change in the General Level of the National Consumer Price Index (CPI) of INDEC, replacing the quarterly formula of Law 27.609 (2021). It includes a guarantee that applying the index cannot reduce the benefit. The new formula applies from the July 2024 benefits, with a transition (an extraordinary 12.5% increase and CPI advances in April-June 2024). Congress enacted an alternative adjustment law that the Executive fully vetoed by Decree 782/2024 (Official Gazette 09/02/2024), so the adjustment remains governed by DNU 274/2024. verif · Mar 22, 2024 ↗
In force
Published on 03/25/2024; the new CPI formula applies from the July 2024 benefits (with a transition scheme in April-June 2024). verif · Mar 25, 2024 ↗
Who it affects
Beneficiaries of the Argentine Integrated Pension System (SIPA): retirees and pensioners covered by the benefits of subsections a) to f) of art. 17 of Law 24.241 (ordinary and disability pensions, survivor pensions, etc.). Everyone with a national pension benefit. verif · Mar 22, 2024 ↗
The norm
Decreto de Necesidad y Urgencia (DNU, emergency decree) 274/2024 — DNU-2024-274-APN-PTE, from the national Executive, issued under art. 99 inc. 3 of the Constitución Nacional. Signed on Mar 22, 2024, published in the Boletín Oficial on Mar 25, 2024. Full veto of Congress's alternative law (Ley 27.756, passed Aug 22, 2024): Decreto 782/2024 (signed Aug 30, 2024, BO Sep 2, 2024). verif · Mar 22, 2024 ↗
Our reading
The Government tied the pension adjustment to the monthly CPI inflation: when inflation falls, the adjustment stops diluting the benefit and tracks it closely month by month. It is a piece of the fiscal anchor (R1/R6): it eliminates the formula that generated jumps and mismatches, and makes pension spending predictable. The guarantee of not reducing the benefit shields the floor. What we watch: the real benefit depends on disinflation holding; the Executive defended the rule by vetoing Congress's alternative law (Decree 782/2024). thesis
Where it lands, province by province
Applies the same nationwide
We looked at this rule from each of the five provinces we track and found no effect that lands differently in any of them: it applies the same across the country.
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Ignacio Aredez· Chief analyst
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