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Banco Provincia staff holds 48-hour strike over proposed retirement age hike

Employees of Argentina's state-run Banco de la Provincia de Buenos Aires have started a 48-hour strike to protest the bank's pension reform, which includes raising the retirement age of its staff to 65 years, Clarín reported.

The pension reform came after the state government of Buenos Aires refused to fund the deficit in the bank's pension fund, which amounts to 5.00 billion Argentine pesos a year. However, the bank's revenues will not be enough to cover the deficits, according to Federico Bach, the general secretary of La Bancaria La Plata. The move would only put into risk the bank's own security, Bach reportedly said.

Other initiatives being discussed to resolve the deficits include putting a ceiling on the salary of the bank's executives and a review of the number of advisers on the bank's board.

The issue will be discussed in the Buenos Aires parliament, the report said.

As of Dec. 18, US$1 was equivalent to 17.59 Argentine pesos.