In the first five months of Javier Milei’s government, nearly 200,000 job losses were recorded, along with over 10,000 cases of leaves, voluntary retirements, and suspensions. The majority of these job cuts occurred in the private sector, particularly in construction.
According to a report released recently by the Center for Argentine Political Economy (CEPA), the private sector experienced 167,205 layoffs and 10,452 suspensions between November 2023 and April 2024. Almost all of this decline in employment can be attributed to staff reductions resulting from the recession.
When looking at the numbers by sector, construction topped the list, with the Argentine Chamber of Construction (CAMARCO) estimating around 100,000 layoffs. Following closely is the industrial sector, which saw 76,311 job losses. The services sector reported significantly fewer cases, with only 1,346 layoffs.
CEPA pointed out that since taking office, the executive branch has implemented policies that are anti-industrial in nature. They noted that economic measures have been accompanied by the repeal of protective legislation for local industries through emergency decrees, as well as the defunding of crucial organizations like INTI. The final blow has been the introduction of the RIGI (Incentive Regime for Large Investments), which jeopardizes the local production framework.
In addition to the private sector, the public sector recorded another 29,604 job separations, primarily at the national level, affecting both the central administration and state-owned enterprises like Correo Argentino and Radio y Televisión Argentina SE.
It’s important to mention that these figures reflect only the job losses and do not account for new hires.
Source: https://www.perfil.com/noticias/cordoba/el-empleo-en-crisis-durante-el-primer-semestre-del-gobierno-de-milei-se-produjeron-200000-bajas-laborales.phtml
