Gunther Baumgarten, senior analyst in global risk insight at Verisk Maplecroft: “Opening a new session of Congress on July 20, President Gustavo Petro called on legislators to approve a labor reform to strengthen workers’ rights. Originally tabled by the government in 2023, the initiative has been stalled, with opposition legislators refusing to debate it over concerns it would increase business costs and harm productivity. But after negotiating the approval of a pension reform with center-right opposition legislators, Petro hopes to cut another deal over labor reform. A watered-down reform bill has already been approved at the committee level. It includes measures to strengthen individual workers’ rights, such as limiting the use of fixed-term and service contracts, increasing severance pay for wrongful dismissals, reinforcing protections against firing workers over illness, maternity or union membership, increasing overtime pay for weekend and holiday work and…”