Thursday 24 September, 2020

363 lose jobs in first six months of 2020

Photo: Eric Williams Financial Complex.

Photo: Eric Williams Financial Complex.

More than 300 people lost their jobs during the first six months of the year.

The Central Bank in its July Economic Bulletin on Tuesday noted that 363 people were retrenched during the first half of 2020, owing to stay at home measures geared toward slowing the spread of COVID-19.

Trinidad and Tobago confirmed its first COVID-19 case in March, and restrictions were introduced shortly after.

Measures implemented by Government saw the shutdown of several sectors deemed “non-essential” including retail stores, food establishments, hairdressers and spas.

Information from the Ministry of Labour and Small Enterprise Development (MLSED) indicated that the manufacturing sector was the hardest hit during this period.

This sector alone accounted for a whopping 64 per cent of all retrenchments recorded in the period.

The figures also suggested a sharp decline in the demand for labour compared to last year.

The Central Bank noted that job advertisements in the print media during the first half of 2020 averaged 192 advertisements compared while during the similar period of 2019, the average was 338 advertisements.

This represented a decline of 43.4 per cent.

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