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Argentine Congress passes Macri's pension reform in rescheduled vote

Argentina's Congress passed President Mauricio Macri's pension reform plan in a rescheduled vote Dec. 19, Reuters reported.

The reform, which passed 128-116, will alter the current formula used to calculate benefits from semiannual payment adjustments based on wage rises and tax revenue to quarterly adjustments linked to inflation.

It has attracted fierce criticism from opposition lawmakers and labor unions, who say it will hurt retirees. Macri has responded with a promise of a one-time bonus payment to the neediest retirees and a five-percentage-point pension raise above inflation in 2018.

An initial vote in the lower house was suspended Dec. 14 amid rowdy scenes in the chamber as protesters took to the streets outside and clashed with police.