Latin America Advisor 2024-08-07

Latin America Advisor

A Publication of The Dialogue

What Would Petro's Labor Law Changes Mean for Colombia?

Colombian President Gustavo Petro told the country’s lawmakers on July 20 that his government will propose legislation to reform the country’s labor laws. Among the changes Petro is pushing are a measure that would make it more difficult for employers to hire temporary workers and a reduction of the work week to 40 hours from 47. What are the most significant labor law changes that Petro is likely to push through Congress? Why is he proposing the changes? What would Petro’s labor law reforms mean for Colombian workers and companies?

Gunther Baumgarten, senior analyst in global risk insight at Verisk Maplecroft: “Opening a new session of Congress on July 20, President Gustavo Petro called on legislators to approve a labor reform to strengthen workers’ rights. Originally tabled by the government in 2023, the initiative has been stalled, with opposition legislators refusing to debate it over concerns it would increase business costs and harm productivity. But after negotiating the approval of a pension reform with center-right opposition legislators, Petro hopes to cut another deal over labor reform. A watered-down reform bill has already been approved at the committee level. It includes measures to strengthen individual workers’ rights, such as limiting the use of fixed-term and service contracts, increasing severance pay for wrongful dismissals, reinforcing protections against firing workers over illness, maternity or union membership, increasing overtime pay for weekend and holiday work and…”

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About the Latin America Advisor

The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.