Public Policies Needed to Recover Lost JobsBy MBN Staff | Thu, 03/04/2021 - 11:31
The labor sector in Mexico is still under pressure from the pandemic. Although recovery has begun, Mexico's central bank (Banxico) said this week, specific public policies are needed to prevent job losses caused by COVID-19 from becoming permanent. “It will be important for public policies to help control the pandemic and boost the recovery of the economy, supporting the growth of the labor market and preventing temporary job losses from becoming permanent,” the bank led by Alejandro Díaz de León warned in its 4Q20 report.
Banxico also said that home and family care and school closures are some of the reasons why women have been slower to re-enter the labor market. The bank’s ‘Labour Participation Rate in the Face of the COVID-19 Shock' study showed the number of women who are not interested in getting a job even if they are offered one has increased. According to INEGI data, of the 12.2 million jobs lost at the beginning of the pandemic, about 7.5 million correspond to men and 4.6 million to women.
“While the initial impact on employment for men and women was similar, the recovery has been uneven, with women showing a relatively slower employment recovery rate than men,” the bank explained in the report. As of December 2020, 81.3 percent of the jobs lost between February and May were recovered by men and 67.7 percent by women.
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