Argentina’s social security administration (ANSES) began distributing July benefits on Monday to pensioners earning above the minimum threshold and to recipients of unemployment insurance, embedding a 2.15% increase tied to the consumer price index. The adjustment, applied to all contributory and non-contributory pensions, family allowances and the universal child benefit (AUH), lifts the minimum pension to 411,989 pesos before a supplementary bonus of 70,000 pesos, yielding a guaranteed floor of 481,989 pesos. The maximum pension reaches 2.77 million pesos.

The payment calendar, organised by the final digit of the national identity document, reflects a long-standing administrative mechanism to manage cash flow and reduce congestion at bank branches. On Monday, pensioners with documents ending in 4 and 5 and unemployed workers with documents ending in 6 and 7 received their deposits. One-off allowances for birth, marriage and adoption remain available to all beneficiaries until 11 August. The schedule will conclude on 29 July for higher-income pensioners, while the government has already set a further 1.9% increase for family allowances paid to self-employed monotributistas in August.

Across Latin America, similar staggered disbursements are underway. Brazil’s INSS also began July payments on Monday, prioritising those earning up to one minimum wage (1,621 reais), with higher-benefit recipients to follow from 3 August. Mexico’s Welfare Pension concludes its bimonthly July–August cycle this week, with deposits of 6,400 pesos for over-65s and smaller amounts for women aged 60–64 and people with disabilities, distributed by surname initial. All three systems now index benefits to inflation, though Argentina’s formula applies a two-month lag to the official CPI, while Brazil uses the INPC and Mexico sets amounts by decree.

In Europe, the focus is on forward-looking adjustments. Russia will raise pensions for working pensioners by up to 470 roubles from 1 August, recalculating entitlements based on 2025 contributions. Italy’s 2027 pension indexation is provisionally estimated at 2.8%, though the final rate will depend on the FOI index excluding tobacco. The mechanism applies a tiered percentage: full indexation up to four times the minimum, then 90% and 75% for higher brackets. The next concrete milestone is the publication of Argentina’s August payment calendar, expected in the coming days, which will confirm the 1.9% increase for family allowances and the continuation of the 70,000-peso bonus for minimum pensioners.