Argentina's Senate Passes Controversial Labor Reform Backed by President Milei

In a significant legislative victory, Argentina's Senate gave final approval to a labor reform backed by President Javier Milei. Passed with 42 votes in favor, the law aims to boost investor confidence and create formal jobs, though critics argue it erodes worker protections.

One contentious provision is the creation of an employer-financed severance fund, potentially affecting the national pension system's resources. Other changes include altered hiring rules and the extension of the standard workday from eight to twelve hours, drawing protests from labor unions.

Despite opposition, Milei's reforms have stabilized the exchange rate and reduced inflation, earning international accolades. Lawmakers are also working on other legislative priorities, such as changes to laws affecting Andean glaciers, aiming to unlock mining investments.