Government employees are going to get a big shock in Argentina, which is facing economic crisis. There are going to be big layoffs in Argentina. 70,000 employees are going to lose their jobs together.
Layoffs in Argentina: Government employees are going to get a big shock in Argentina, which is facing economic crisis. There are going to be big layoffs in Argentina. 70,000 employees are going to lose their jobs together. Argentina President Javier Milei is going to take a big step to reduce the increasing burden on the country’s economy. 70 thousand people will lose their jobs in Argentina in the coming few months.
Preparation for layoff of 70 thousand government employees
According to a Bloomberg report, Argentina’s President Javier Milei is going to lay off more than 70,000 government employees across the country in the coming months. Let us tell you that Argentina has been facing economic crisis for a long time. The economy is under pressure. In such a situation, to reduce the pressure on the country’s economy, the government has decided to impose layoffs.
35 lakh government employees
According to the report, there are more than 35 lakh government employees in Argentina. In such a situation, the government hopes that the layoff of 70 thousand employees will not have a big impact. It is believed that the government will not renew the contacts of around 15 percent of the employees. Argentina President Javier Miley said that in recent times, large-scale layoffs have been taking place in the country and the world. The government is going to terminate the contracts of 70 thousand employees working in the public sector. Although this is not the first time, before this the government has fired 50,000 employees. According to the report, the contracts of these employees will be terminated by March 31, 2024.
Employees will be laid off from these departments
Employee organizations have started protesting against this decision of Argentina President Javier Miley. The employees whose ouster is being discussed are from sectors like Human Capital, Ministry of Science and Economy, Social Security Agency, Energy Secretariat.
Argentina drowned in debt
Argentina is immersed in a huge economic crisis. The inflation rate here has crossed 104 percent. Hyperinflation has pushed Argentina into extreme poverty. This country of the rich in the 1900s is becoming a country of beggars today. Huge debt, currency crisis, high inflation have shaken its economy. Central bank reserves are decreasing rapidly. To manage the faltering currency amid shortage of foreign reserves, the government depreciated the currency, now the government is cutting jobs.
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