Hector Recalde, a 72-year-old lawmaker for President Cristina Fernandez de Kirchner’s Victory Front alliance, said his bill would allow employees to benefit from the surging profits at banks and other industries. Opponents say it would dissuade companies from expanding, buying new equipment and adding jobs. The Labor Committee in Argentina’s lower house will take up the legislation this week.
"Argentina urgently needs more investments and this is going to generate a totally negative effect on jobs,” said Diego Perez Santisteban, president of Argentina’s Importers Chamber. “It can inhibit those who have plans to invest."
The proposal, which opposition leaders said they can support, comes as banks, telecommunications companies and food producers benefit from the country’s economic growth. Argentina’s economy will grow 9 % this year, the most since 2005, according to the central bank’s forecast, after 0.9 % growth last year. The plan may boost trade union support for Fernandez ahead of presidential elections next October, said Analia Del Franco, a political analyst who runs pollster Analogias in Buenos Aires.
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