Economics
Milei Targets Labor Law That’s Set to Hand Banker $10 Million Severance
The president is taking aim at rules that encourage workers to drag their employers into court.
Demonstrators at an International Workers’ Day rally in Buenos Aires on May 1.
Photographer: Patricia Monteiro/BloombergThis article is for subscribers only.
A onetime Citibank employee who earned a $130,000 salary working in New York stands to collect a $10 million severance award, thanks to Argentina’s pro-labor laws.
The case, which has been wending its way through the courts for more than a decade, crystallizes why Argentine President Javier Milei is vying to revamp the rules around hiring and firing, even as his country battles inflation of almost 290% a year and a deepening recession.