Koramsa to cut payroll in Guatemala
The main textile company in the country will cut 4000 jobs in the next few months.
Tuesday, November 25, 2008
The most recent cuts began on Friday at the Korean American People, S.A. (Koramsa) factory, which was the the biggest in Central America 3 years ago; some 500 workers received payment settlements as a part of a larger cut of 4000 jobs. Sources from the sector fear that the company could shut down in January due to the US crisis, which has cause textile exports to fall by 8% so far this year.
Official figures show that in the Free Zone sector alone, Nicaragua lost some 19 thousand jobs.
The Free Zone industry lost 19000 jobs, but there is some hope that some will be recovered as a Mexican Consortium could replace at least 9600 jobs.
The economic crisis will cause the loss of 50,000 jobs in 2008 and the situation could be worse next year.
Vicente Carrion, president for Central America, announced that some 500 employees will be laid off in Honduras.
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