With 61 votes in favor and eight against, the Upper House of Congress gave the green light this Thursday to the new mechanism that replaces one established by decree, and thus suported the deputies who gave it half approval in June.

It proposes a monthly update of the assets based on the Consumer Price Index (CPI) and includes an extra compensation of 8.1 percent for January so that people may equalize their income with the 20.6 percent inflation rate of that month, in which the Executive granted only a 12.5 percent increase.

It also stipulates that the minimum pension must not be less than the value of a basic basket for senior citizens and that the formula cannot be tied only to the CPI, but must take into account salaries.

The norm was supported by the senators of Unión por la Patria, Unión Cívica Radical and several senators of Propuesta Republicana, among other blocks.

After the result of the vote was known, the President’s Office published a statement in which it assured that the President will defend the fiscal surplus at all costs, accused the legislators of carrying out a ‘moral fraud’ and affirmed that the bill will be vetoed for considering that its ‘only objective is to destroy the economic program’.

In statement to La Nación +, Milei ratified what it was expressed in that message, saying that there is no budget to finance that law and blamed Kirchnerism (followers of Nestor Kirchner and Cristina Fernandez) for wanting to ‘break the Government’.

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