While Javier Milei governs through decrees, cuts to social rights, and increasing economic deregulation, mass protests continue, reflecting growing popular discontent. In addition to demonstrations by students and workers, it is the protests of retirees and pensioners that have drawn the most media attention, while enduring brutal police repression. Argentina is experiencing a critical moment under drastic economic adjustments and a renewed alignment with the IMF, further deepening the social and economic crisis that has shaken the South American Nation.
Since the 1990s, retirees and pensioners in Argentina have mobilized on Wednesdays to demand better pensions. This movement began in response to the pension reforms introduced by President Menem, which created an individual capitalization system managed by private companies. These companies used retirement funds for stock market investments under the pretext of seeking profitability. The system was dismantled in 2008 after private administrators engaged in illicit operations, misusing the funds for fraudulent enrichment. Additionally, the model – originally implemented in Chile under Pinochet’s military dictatorship with support from the International Monetary Fund (IMF) – had already proven to be a failure.
Today, Argentina operates solely under a state-run public pension system following the elimination of the private scheme during Cristina Kirchner’s administration. However, Mauricio Macri’s 2017 pension reforms not only led to pension cuts but also raised eligibility requirements and the retirement age. These measures were driven by IMF demands, including public spending reductions as a condition for granting a $50 billion loan—the largest ever issued by the institution to a single nation. This decision triggered massive protests in Argentina, further ballooned the country’s external debt to staggering levels, and ultimately led to a fraud investigation against Macri six years later.
The Ley de Bases y Puntos de Partida para la Libertad de los Argentinos („Law of Foundations and Starting Points for the Freedom of Argentinians”), presented by Milei within the first twenty days of his presidency, included reforms affecting state administration, security and defense, pensions, labour regulations, public health, internal affairs, infrastructure, and more—many of which involved sectors beyond the executive branch’s jurisdiction. The law was approved by the Chamber of Deputies in June, with significant modifications introduced by the Senate.
One of the most notable aspects of the law was the list of 41 state-owned companies slated for privatization or concession, which the Senate reduced to six. Additionally, the original proposal granted the executive branch the power to intervene in 11 sectors of the state under a declared state of emergency for the first two years of Milei’s term, with the possibility of extending this authority for another two years at the executive’s discretion. The Senate, however, limited these emergency powers to only four sectors—administrative, economic, financial, and energy-related—and restricted them to a one-year period.
The labour reforms of the Foundations Law have been particularly criticised. This law created a worker-collaborator model, where an employer can hire collaborators outside of the Employment Contract Law, i.e. without the labour protections required by that law. Also, prior to the law, if an employer fired a worker for discriminatory reasons, whether based on race, gender, sex, sexual orientation, political or religious ideas, or others, the worker could not only demand severance pay for discriminatory dismissal, but also claim reinstatement to his or her job. Milei’s reform hinders the request for reinstatement, and aggravates the compensation. In other words, it allows companies to pay for discriminating, shielding them into this practice and generating a lack of labour protection for the worker. This reform allows a return to anti-union practices; the employer will only have to pay higher compensation, but the dismissal for discrimination will be valid.
Leading human rights and constitutional experts have declared the reform unconstitutional. Even so, multinational companies have already started using the new law; the German multinational Volkswagen in Argentina fired a former union leader, and although a court declared it invalid, the company has yet to reinstate him. Similar cases have been seen in the American company Praixar, the transnational Pilkington Automotive, and the British multinational Shell, the latter with three dismissals of union members who had already been reinstated by the labour courts in 2014 for dismissals based on discrimination.
But what has happened in the last few days? Milei’s government has taken a similar path to the one Macri took in 2017, approaching the IMF to request a capital injection, and just like almost a decade ago, that loan comes tied to conditions, many of which are still unknown. One of those demands is an end to the pension moratorium, which would hurt not only current pensions, but also people who do not have enough years to qualify for the minimum pension. The Milei government has already announced that it will not continue with the moratorium, despite the fact that most people retire under this model.
Milei sought validation of a decree allowing him to negotiate a loan for Argentina directly with the IMF, without yet knowing the amount of the loan or the basis of the agreement, which has been categorised as a blank cheque and could be detrimental to the country’s economy. Political groups opposed to the government and constitutional experts describe this act as unconstitutional. On Wednesday this week, Congress voted to validate the decree authorising Milei to negotiate with the IMF, setting a precedent for governing by decree. This way of running the country has been a sign of the authoritarianism of the La Libertad Avanza (the Freedom Advances Party) government, as it does not require consensus with other political forces.
On the other hand, the strategy of social deprivation is nothing new in this administration. In September, Milei vetoed a law that would increase the number of pensions by 17,000 Argentine pesos (less than 15 euros), a minimal adjustment for the rise in prices of the basic food basket due to inflation. In addition, the government decided to freeze the 70,000 pesos (60 euros) bonus, halting its readjustment and not allowing those receiving pensions of more than 260 euros to access the bonus. On the other hand, the coverage of medicines was also limited, despite the fact that the prices of medicines commonly used by the elderly have risen by an average of 200%.
The government also removed regulations on the pharmaceutical sector. This is particularly significant considering that many of Argentina’s big private equity holders are owners of laboratories, which, in Milei’s first year, increased their turnover by 360%. Another important veto was Milei’s rejection of the “Ley de Financiamiento Universitario” (University Financing Law). This veto means that teachers‘ salaries or the running costs of national universities will not be adjusted to compensate for inflation. In addition to this, the government has increased the income of the federal police forces, generating even more popular indignation.
During the last few months there have been images of massive demonstrations of pensioners in the streets of the capital and other cities of the country, most of them senior citizens, which have been strongly repressed by the police forces. The complicity of the mainstream media, both national and international, has been recurrent, mentioning the violence as clashes, and omitting the ruthless police aggression against the elderly and other demonstrators.
The protesters speak of a feeling of abandonment—not only by the government, which has blocked pension increases despite rising prices, but also by other political sectors, including opposition parties that have voted in Congress alongside Milei’s supporters. Additionally, there have been strong calls for unions, particularly the country’s largest labour federation, which has so far resisted calling a strike in support of the retirees.
The Wednesday protests have continued uninterrupted since August, with other groups joining the demonstrations, particularly student federations, social organizations, and labour unions that have also been affected by Milei’s policies. Among them are healthcare workers, teachers, and airport and airline employees, as well as supporters and organizations of football clubs. The latter, who joined the protests in masse a week ago, have been labelled by the government and the media as violent “barras bravas” (hooligans), but footage of police repression tells a different story.
In the 16 months since the La Libertad Avanza government took office, it could be argued that there has been little actual freedom. Retirees have lost rights that took decades of struggle to achieve; their purchasing power has dropped so significantly that many can no longer afford even a basic basket of essential goods with their pensions.
It is clear that Milei’s agenda aims to significantly roll back social rights, and not just in the case of pensions. For example, he has deregulated private energy companies, a move that is evident in the fact that gas and fuel prices more than doubled in 2024, reaching international levels in a country that is a major producer and home to one of the world’s most important gas reserves. Additionally, at the request of the IMF, and in an effort to secure a surplus for debt repayment, Milei has cut state subsidies, shifting the burden of rising energy prices onto consumers.
With his so-called „chainsaw reforms,“ Milei has dismantled social rights that were achieved after a brutal dictatorship and authoritarian and populist governments like that of Menem. His administration has primarily benefited large corporations and business elites. For instance, the banking sector saw some banks double their profits in the first months of his presidency. Similarly, the private sector has benefited from extremely low interest rates on loans, maintaining Argentina as a highly profitable financial market for major banking capital.
The large corporate conglomerates in the food production sector—an oligopoly where three companies control 75% of the food market—have seen exorbitant profits. Arcor, for example, more than doubled its earnings in the first nine months of 2024 compared to 2023, thanks to the deregulation of prices in the sector. This has led to skyrocketing prices, far exceeding inflation rates. It has become common for the families behind Argentina’s major food companies, Arcor and Molinos—from the Pagani and Pérez Companc families, respectively—to appear on Forbes‘ list of personal fortunes.
Women have also been disproportionately affected by Milei’s policies. In 2024, seven out of ten single-parent households fell below the poverty line, and the gender wage gap reaches nearly 30%. Data from the Ministry of Economy shows a persistent decline in female employment and an unemployment gap 19% higher for women than for men. The lack of labour protections for women has been another major setback. Although Milei’s labour reforms promote formalization of employment, his government has attempted to repeal an article in the Ley de Empleo Doméstico (Domestic Employment Law) that mandates compensation in cases where employers fail to register workers. This move undermines the regulation of a sector predominantly made up of women, a high percentage of whom are migrants, and which is globally affected by informality. Additionally, the government has cut funding for programs aimed at combating gender-based violence, disregarding the rise in femicides.
Milei’s track record reveals a clear pattern: prioritizing economic deregulation at the expense of fundamental social rights. His government has systematically dismantled labour protections for workers, retirees and pensioners, and vulnerable communities in general, while simultaneously benefiting large corporations and financial elites. Despite this, massive protests have persisted, with retirees and pensioners—most of them elderly—leading the resistance and building national solidarity by uniting different sectors impacted by Milei’s sweeping measures. The fight for dignity, economic justice, and social protection continues to take to the streets week after week, demonstrating the growing discontent with policies that have deepened social inequality and exacerbated economic consequences for the poorest sectors of society.
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