Buenos Aires, Dec 2 (NA) – Banks have rejected the possibility of virtual wallets being able to pay salaries and pensions, as proposed in the labor reform. They pointed out that the system for paying salaries and pensions in entities with authorization and bank supervision has been one of the few successful state policies in our country, according to the Argentine News Agency (Agencia Noticias Argentinas). The entities ADEBA, ABA, and ABAPPRA recalled that the financial system has demonstrated its strength even during the crises the country has faced over the last three decades. "The level of service for users is excellent, in addition to being free," stated the Argentine Banks Association (ADEBA), the Banks Association of Argentina (ABA), and the Argentine Public and Private Banks Association (ABAPPRA) in a statement. "In line with current legislation and international best practices, it is convenient for salaries, pensions, and social benefits to be paid within the formal banking system," they indicated. And they warned that "there are no observed benefits—but there are costs and risks—in lowering the level of formality and requirements for entities that have the responsibility of ensuring the payment and security of salaries and pensions." "Those who promote relaxing the conditions for the payment of salaries and pensions must be aware that this decision exposes workers and retirees to the risk of losing their funds in the event that the wallet they are paid into has difficulties or economic mismanagement," they warned.
