Redundancy rate might strike 13.1 percent in Portugal this year

2020-06-06 03:58:22

(MENAFN) On Wednesday June 3 the Portuguese Public Finances Council (CFP), an independent administrative entity, stated that the country's redundancy rate may boost by 11 percent and 13.1 percent this year because of the crisis caused by the Coronavirus pandemic.

The report entitled that "The labor market conditions are expected to reflect the evolution of economic activity in 2020-2022," and stated that "Economic and Budget Outlook 2020-2022.".

The Portuguese Public Finances Council stated that in the best-case scenario, the employment rate may reduce by 5 percent and the redundancy rate may boost by 11 percent among the energetic population in 2020.

The official body that oversees budget rules and public finances predictable that "the recession in 2020 could lead to a 7.2 percent employment contraction and an unemployment rate increase to 13.1 percent."

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