Fiat CEO Sergio Marchionne came to Premier Mario Monti's defense Friday as he comes under fire from leaders in the business community for softening his proposed labor reforms. "Premier Monti is the only person who is totally capable of ferrying Italy to elections next year," said Marchionne "I understand that (labor reform) is a delicate thing. Striking the right balance is a decision I can't make for him". Monti was chastized Thursday by Emma Marcegaglia, the outgoing leader of Italy's employers lobby Confindustria, for easing up on a bill that would have made it easier for companies to lay off workers. "It's very bad," she told the Financial Times. Backing down to opposition from the center-left Democratic Party (PD) and the country's biggest trade union CGIL, the government said the amended plan allows fired workers to reclaim their jobs if a judge rules the dismissal was not finance-related.
An editorial in the Wall Street Journal on Friday said the change was a concession to those who would like to see the situation in Italy resemble the economic crisis in Greece. Monti and Labor Minister Elsa Fornero said the amendment will not change the essence of the bill, which is to encourage companies to hire without the fear of being saddled with employees they cannot afford in tough economic times.
The bill was signed by Italian President Giorgio Napolitano Thursday and now enters the parliamentary review process.
Sono bellissimo...
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