When Will Mexico Recover the Jobs Lost During COVID-19?By MBN Staff | Thu, 07/30/2020 - 15:56
So far, the employment crisis unleashed by the COVID-19 pandemic in Mexico has added more than a million lost jobs. However, getting all those jobs back will take time. Armando Leñero, President of the Center for Studies on Formal Employment (CEEF), predicts that job creation could start to pick up in the second half of 2021 and recover until 2022. "There are many people who want to work and little job offer. This is exacerbated every day because we continue to have losses," said Leñero in an interview for Expansión.
“The first people who were fired during this pandemic were young people. Of the formal jobs registered with IMSS that were lost in March, 70 percent were of young people up to 29 years of age. The loss of jobs is very serious for everyone but even more for young people who already had a higher level of unemployment before this health crisis,” said Andrea Méndez, Director of Fundación Forge México during a virtual press conference.
But job loss is just one of the consequences that this health crisis brought. According to CEEF estimates, wages in Mexico have decreased 20 percent during the first half of the year due to negotiations between companies and their collaborators to maintain cash flows and avoid layoffs.
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