coronavirus Companies Company Economics covid19 economic crisis health alert Business and Investment economic revival employees entrepreneur labour market operation costs Alejandro Giammattei Central American Chambers of Commerce

Working Hours Reduced for Survival

In the context of the economic crisis, it is estimated that companies in Central America have reduced the working hours of employees to an average of 32 hours per week.

Wednesday, July 22, 2020

As a result of the spread of covid-19 in the countries of the region and the imposition of strict home quarantines, demand for products and services has fallen considerably in most markets.

This scenario of social distancing and change in consumption habits has forced companies to adjust their operations in order to survive the economic and health crisis.

According to a survey conducted between June 15 and July 3 by the Federation of Business Chambers of the Central American Isthmus (FECAMCO), 84% of companies indicated that their sales have decreased.

Elfinancierocr.com reports that "... 77% of the companies indicated that they have reduced the working hours to approximately 26,000 employees, in what would be equivalent to 32 hours per week on average."

The article adds that "... the companies have great problems of liquidity and 44% said that they will request a credit to face their financial commitments."

Check out the "System for monitoring markets and economic situation in Central American countries", prepared by CentralAmericaData.