PanamaTimes

Friday, Oct 18, 2024

Argentina's New President Plans To Fire 70,000 Government Workers

Argentina's President Javier Milei has announced plans to lay off 70,000 government employees as part of his commitment to drastically reduce the size of the government.
This decision, which impacts a relatively small percentage of the country's 3.5 million public sector workforce, is expected to encounter significant opposition from influential labor unions.

In a broader move to achieve fiscal balance, Milei also revealed at a Buenos Aires event that he has halted public infrastructure projects, withdrawn some financial allocations to provincial governments, and eliminated over 200,000 social welfare programs, accusing them of corruption.

These actions come amidst Argentina's struggle with a 276% annual inflation rate, which Milei referenced as significantly eroding citizens' wages and pensions.

Despite the potential for these measures to lower his approval ratings and having already prompted a strike from a government workers' union, Milei points to polls that suggest a growing optimism among Argentinians regarding the economy's future.

This optimism persists even as reports indicate that private sector workers have experienced significant wage decreases since Milei assumed office in December.
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