The fear and expectation is that it will be used to abuse the workers.
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He's libertarian, right? So the expectation was that this administration tries to get the govt out of the position to tell companies what to do one way or another, that it's not the role of the govt to dictate hours, etc.
I have no doubt the lack of regulation will allow abuses, but there should be upsides to the people/ workers as well. E.g. that it's not the state's role to protect people from viruses or to demand payment for driving permits, etc., or to make businesses overall so expensive to run that no one can do anything - all of which should make life easier and less expensive for Argentinians.
FWIW I don't hold out much hope for that - power tends to beget more power ☹️
Argentinians voted for less Government and more ideological alignment with Libertarianism. So yup this is the type of law that gives them everything they voted for, less pay, less protections legally, makes the employer and employee relationship balanced however leaves loopholes that attract foreign influence.
This would all be good if Milei didn't push the country deeper into US/IMF debt and sold key industries that preserve the nation state to Israel like land and rights to water. The new law implies more things will be sold to foreign interests and Argentinians will be left with very little control.