The Labor Legislation Commission of the Chamber of Deputies of Argentina will debate the reduction of the working day from 48 to 40 or 36 hours, with the presentation of up to seven bills by deputies from both the ruling party and the opposition.

This debate will not, however, have a legislative nature, but will only serve to make known the different proposals of both the Government and the opposition. For its presentation, specialists in the field and representatives of business and union associations will be present, although their names have not been revealed.

For months, the Government had intended to start this debate, which did not materialize until this September. For the Minister of Labor, Employment and Social Security, Raquel Olmos, reducing the working day would allow for the generation of more employment and increased productivity. “The 48-hour day is an antiquity,” she has stated on numerous occasions.

The launch of this debate coincides in time with the presidential race in Argentina, which is being marked by the context of the economic crisis that the country is going through. With inflation of 124.4 % in August, the Government is putting a series of measures on the table to improve the financial situation of families.

The entry into force of this measure would be an opportunity to revive the candidacy of Sergio Massa, the country’s current Minister of Economy, who has been combining both roles for weeks to obtain the presidency next October.

Along these lines, Massa has already announced measures to financially relieve the most vulnerable households and self-employed workers or small and medium-sized businesses. This Monday, added to this battery of measures, is the expansion of aid for informal workers, which would reach more than three million people.

K. Tovar

Source: Infobae

(Referential image source: Agê Barros, Unsplash)

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The Government of Chile, through the Ministry of Finance, improved its forecasts in relation to the growth of the country’s Gross Domestic Product (GDP) in 2023, which, according to its estimates, will expand by 0.3 % at the end of the year compared to the 0.7 % drop expected in the last Public Finance Report (IFP) for the fourth quarter of 2022.

Thus, the Government joins other institutions in the country, such as the Central Bank of Chile, which also indicated that the Chilean economy will grow more than initially expected. In the case of the central body, it is estimated that GDP could increase by up to 0.5 % and, in the worst-case scenario, only contract by 0.5 %.

On the contrary, different international organizations such as the World Bank or the Economic Commission for Latin America and the Caribbean (Cepal) recently stated that the Chilean economy will contract in 2023, with a decline in GDP of 0.7 % or 0, 3 %, according to both institutions.

For its part, inflation will maintain its downward trajectory during the year, assured by the monetary and fiscal contraction, the fall in the prices of raw materials at the global level, the appreciation of the peso and the adjustment of domestic demand. The Government report projects a Consumer Price Index (CPI) of 4.6 % in December, which for the year will average 7.9 %.

The good performance of economic activity in the first months of the year and a lower base of comparison have led to an upward revision of the estimates for GDP growth and domestic demand for 2023.

Source: dpa

(Reference image source: Unsplash)

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La entrada Chilean government rules out an economic recession for 2023 apareció primero en Bitfinance.