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Coronavirus Effect: 11,000 Workers in the Machinery and Equipment Industry Lost Their Jobs Last Month, Representing About 16.4% of the Workforce. The Information Comes from the Brazilian Machinery Industry Association (Abimaq).
According to Data from Abimaq, the Machinery and Equipment Industry in Brazil Currently Creates 350,000 Direct Jobs and Nearly One Million Indirect Jobs.
Due to the Pandemic, More Layoffs Are to Come in the Next Few Months Due to the Revenue Drop of Some Companies, Which May Exceed 50% by June.
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“No One Can Say Exactly the Number of Layoffs, but We Estimate It Could Reach 15% of the Employment Level in Our Industry, Which Would Mean 50,000 Direct Jobs and Another 150,000 Indirect Jobs, Totaling Up to 200,000 People,” Says José Velloso, Executive President of Abimaq.
The Executive Reports That Due to the Current Crisis Caused by the Coronavirus, the Organization Is in Negotiation with Unions Across the Country to Assist in Reducing Work Hours and Salaries or in Temporarily Suspending Contracts to Avoid Layoffs.
Coronavirus Aggravates Crisis in the Industrial Sector
The Drop in Exports Due to the Coronavirus Has Caused Many Companies to Lose Their Revenues, and Larger Losses Are Expected in the Next 60 Days.
Besides Exports, Imports Were Also Affected by the Pandemic; the Research Also Identified a 53% Drop in the Import of Inputs.
This Directly Affects the Prices of Raw Materials and Intermediate Materials Used in Production, Which Consequently Affects the Competitiveness of Companies in the Sector.
To Overcome the Crisis, On Average 79 Percent of Industries Will Turn to Loans to Meet Their Obligations Regarding Payroll, Supplier Payments, Taxes, Loan Installments, and Other Fixed Expenses.
In the Survey Conducted by the Organization, 95.1% of Companies Responded That Deferring Tax Payments Will Contribute to Maintaining Productive Activities to Mitigate the Effects of the Coronavirus on the Economy.
