Argentine Retirees Take to Streets as President Mulls Veto on Pension Hike

Buenos Aires: Retirees marched in Buenos Aires Wednesday, in protest against Argentine President Javier Milei's planned veto of a bill passed last week by Congress to raise the minimum pension.

Police used batons and pepper spray on demonstrators trying to block a road.

Last week, Argentina's senate approved a law to increase retirement benefits by more than 8%.

The country's ultra-conservative, self-described libertarian president has threatened to veto the measure which he has described as "irresponsible" and "exorbitant".

Because Milei's libertarian party controls less than 15% of Congress — and just seven of the Senate's 72 seats — the populist outsider has largely relied on sweeping executive decrees to implement a tough austerity program, slashing public spending and deregulating Argentina’s economy.

"They are taking the will to live from people who have worked all their lives," said Elsa Lasarre, a retired teacher. "They can't eat what they want. The cost of electricity has increased, I don't know how a lot of people live. Many people are in need, which is hard to believe in a country like ours."

Although the government has managed to slow down the rise in prices, the increase in the cost of living in July was 4% and accumulated inflation in the first seven months of the year reached 87%.

Interannual inflation is around 263.4% at a time when the minimum monthly retirement is about 225,000 pesos (233 dollars) and a basic basket of food, medicine and other goods and services for an adult exceeds 291,000 pesos (301 dollars).