The minimum Argentine pension recorded a strong recovery in dollars during the last three years of Javier Milei's administration, after having gone through one of the periods of lowest value in recent decades under the last Kirchnerist government.
According to a report studying the monthly evolution of the minimum pension plus the bonus between January 2011 and August 2026, the indicator rose from USD 124 in August 2023 to USD 320 in August 2026, representing a 158% increase.
The improvement becomes more significant when observing the previous trajectory. Between December 2019 and November 2023, under the government of Alberto Fernández and Cristina Kirchner, the average minimum pension plus bonus was only USD 150, less than half of the USD 309 corresponding to the period December 2015-November 2019. Additionally, October 2020 marked the absolute minimum of the entire series, with only USD 107.
The report
Since December 2023, following the assumption of the government of Javier Milei, a new phase began. The report shows the start of a recovery that extended over the following months and allowed the indicator to reach USD 320 in August 2026.
The average for the period December 2023-August 2026 was USD 263, well above the average of the previous four years.
The evolution can also be seen in the annual averages. After reaching only USD 154 in 2023, the minimum pension plus bonus averaged USD 220 in 2024, USD 283 in 2025, and reached USD 312 during the first eight months of 2026.
According to the report, the average for 2026 is already the highest since 2017 and even exceeds those recorded in 2011 and 2012.
The report
A sustained recovery since 2024
The process had different stages. Between March and December 2024, the fastest recovery phase occurred. The indicator rose from USD 156 in February to USD 268 in December.
In March, the pension increased by 27% and the bonus rose to $70,000. Additionally, starting in April, the pension began to be adjusted monthly for past inflation, while the dollar evolved at a slower pace.
The recovery continued throughout 2025. The indicator rose from USD 264 in March to USD 298 in April and reached USD 310 in June. It then experienced a temporary setback during the second half of the year, when the official dollar rose and the indicator fell to USD 270 in October. By December, it had stabilized around USD 277.
The beginning of 2026 showed an improvement again. Between January and August, the minimum pension plus bonus averaged USD 312. The indicator surpassed USD 300 from March, reached USD 324 in May, the highest value since late 2017, and in August stood at USD 320.
The report notes that this evolution is explained by a combination of factors: the monthly adjustments of the pension since April 2024, the continuity of the $70,000 bonus, and the exchange rate stability under Milei's government.
Javier Milei and Luis Caputo
The contrast with the Kirchnerist period
The difference with previous years is marked. Between December 2019 and November 2023, the indicator remained at much lower levels. In 2021, for example, the annual average was only USD 137, while in 2022 it reached USD 157 and in 2023 it reached USD 154.
During that period, the indicator touched USD 107 in October 2020. Between 2021 and 2023, it mostly fluctuated between USD 120 and USD 190. The report also notes that, without the bonuses, the minimum pension would have fallen even further, reaching USD 97 in August 2023.
In contrast, three years later, the indicator was at USD 320. That is, during that period, the minimum pension plus bonus multiplied by more than two and a half times its value expressed in dollars.
The result places the minimum pension in dollars at one of the highest levels in recent years. Although it is still below the historical maximum of USD 411 recorded in September 2017, the USD 320 of August 2026 represents a significant recovery from the low of USD 107 in October 2020 and the level of USD 124 in August 2023.
The report concludes that the evolution of the last three years constitutes the longest and steepest recovery of the entire analyzed period, with an increase from USD 124 to USD 320 between August 2023 and August 2026.
