The Government enabled dollar salary accounts to pay salaries in foreign currency

The Central Bank of the Argentine Republic (BCRA) updated the regulations on salary accounts and formally enabled the possibility for companies to pay salaries in U.S. dollars. The measure aligns banking regulation with the Labor Modernization Law No. 27,802, promoted by the government of Javier Milei, which allows for payments in both pesos and foreign currency.

Until now, salary accounts could only be denominated in pesos. With this modification, workers will be able to choose to receive their wages in dollars through bank accounts specifically authorized for that purpose.

The Central Bank adapted the regulations to the labor reform

The decision responds to the changes introduced by Article 34 of the Labor Modernization Law, which amended Article 105 of the Labor Contract Law.

The new wording establishes that the salary can be paid in cash, either in national or foreign currency, so the Central Bank adjusted its regulations to allow financial entities to offer salary accounts in both pesos and dollars.

The monetary authority indicated that the modification aims to update the banking system in accordance with the new legal framework approved by Congress.

Dollar salary accounts will be free of charge

The new regulation maintains all the benefits currently offered by traditional salary accounts.

Workers will not have to pay opening, maintenance, or withdrawal fees, and the accounts will remain free of charge up to the amount credited by the employment relationship, even if the funds remain deposited for an extended period.

Additionally, there will be no limits on the withdrawal of money, preserving the rights already recognized by current labor legislation.

How the new scheme will work

As of the resolution's entry into force, banks must accept the opening and management of salary accounts denominated in U.S. dollars.

Cash deposit and withdrawal operations will be guaranteed at the branch where the account is located, and when entities have the necessary infrastructure, they can also be conducted at other branches, ATMs, and self-service terminals authorized to operate with dollars.

In the coming weeks, the Central Bank will publish the ordered texts with the regulatory modifications, after which financial entities will need to adapt their operating systems.

Implementation will depend on each company

Although the regulation already allows for salary payments in dollars, the private sector believes that mass adoption could be gradual.

Various financial system representatives indicate that many companies still face restrictions in accessing the foreign exchange market and acquiring currencies, which could initially limit the use of this modality.

Nevertheless, the measure constitutes a new step in the government's strategy to move towards greater freedom in the use of currencies and provide more options for both employers and workers, in line with the economic and labor reforms promoted by the administration of Javier Milei.