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Colombia Firms Warn of Layoffs and Rising Costs From Petro's Labor Overhaul

Colombia Firms Warn of Layoffs and Rising Costs From Petro's Labor Overhaul

Bloomberg21-07-2025
Colombia's security firms and hospitals are warning of job cuts and surging costs as a knock-on effect of President Gustavo Petro's push to boost worker benefits.
The overhaul, signed into law at the end of last month, provides earlier overtime pay, doubles their wages on Sundays and holidays and limits fixed-term contracts, among other changes. Doing all that increases the cost of formal employment and risks driving some cash-strapped companies to hire off the books.
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