The president of Bolsas y Mercados Argentinos (ByMA), Claudio Zuchovicki, warned in a television interview that the labor reform promoted by the Government will expose the real interests of each legislator in Congress and estimated that 2026 will mark "the year of the real economy".
During his participation in the "Business Community" program, Zuchovicki stated that the debate on the "labor cost" in the country acquires central relevance. The reform proposal arrives at a time of high expectations, where society demands concrete results beyond speeches, and the real economy demands clear signals to transform the status quo.
He emphasized that the Executive's initiative to modify labor legislation will show "who defends the interests of the citizen and who their own". Zuchovicki also projected that 2026 "will be the year of the real economy", where companies will have to focus on micro-decisions aimed at efficiency, competitiveness, and talent retention, as a consequence of a macroeconomic stabilization achieved through a program that aims to shrink the State and provide predictability.
Zuchovicki's speech offers a framework for transition in which, according to him, the discussion that begins will involve a profound review of the Argentine labor model, and will define not only the competitiveness of employment, but also the political orientation of legislative representation.
In the coming months, Congress and the productive sectors will be at the center of a key negotiation that will affect both the cost of labor and the structure of employment in the country.
The economist stated that "the discussion will evidence the interests of each official who holds a seat in Congress".
Labor informality constituted another of the topics that Zuchovicki addressed with concern.
"So, if you have more employees in the informal sector than in the formal, what are you defending by not doing the labor reform?", he provocatively asked.
In his diagnosis, he emphasized that most of the taxes that burden employment do not depend on provincial or municipal governments, which requires a national agreement to define an efficient tax collection system, that allows for a smaller, fairer State and encourages the entrepreneur to take risks and hire.
He highlighted that the social burden on salaries—which in Argentina reaches approximately 80% according to his estimate—generates a distortion in the perception of workers, who tend to blame companies for deductions that are actually state taxes.
In addition, he considered that the electoral period was a turning point in the mandate towards the discussion of laws rather than the simple issuance of decrees.
The Government, for its part, faces the need to advance with the labor reform in a context marked by the weakness of the economy, high informality, and the demand for improvements in registered employment and productivity.
