Another social coup! Milei will invalidate the retirement mobility law

Published at: 23/08/2024 10:33 AM

The president of Argentina announced that he will overturn the retirement mobility law aimed at restoring assets that lost more than 25 percent of their value in the last seven months.

Javier Milei justified his decision in his fiscal adjustment policy or “chainsaw” and argued in a statement published by his office that it would “destroy the government's economic program” and that its implementation would involve exorbitant spending without budgetary support.

The cut in State expenditures was made by 27% based on the cut in the pension system, which addresses the reality that the majority of retirees and pensioners continue to bear the brunt of the adjustment, as indicated in a report by the Argentine Institute of Fiscal Analysis (Iaraf).

So much so that in the first seven months of the year, the chainsaw pruned 22.5 trillion pesos (the equivalent of almost 17 billion dollars) compared to 2023 at constant values.

More than 70 percent of retirees receive the minimum retirement that starting in September, retirees of the minimum will receive about $304,540 in hand (approx. 225 dollars) and with the current update formula it provides increases below the inflation rate.

Mazo News Team