Petrobras to Dismiss 12 thousand Employees

As you all know, Brazil is currently at the peak of a dangerous political crisis. Yesterday Lula was appointed Chief of Staff, then it wasn’t anymore. People were out in the streets and there were news of localized violence. The impeachment committee’s member were chosen and it looks like it will proceed full-on to knock down Dilma. On the economy side, things are also not looking good. According to Exame, Petrobras announced that it plans to dismiss 12 thousand workers in a volunteer termination plan, or 15% of the total of 77.8 thousand employees at the company. With the plan, Petrobras seeks to save R$ 13 billion until 2018. The plan is likely to be voted by the board next Monday (March 21) after the 2015 results are analysed. In 2014, Petrobras had already terminated 6.2 thousand workers in a similar plan.

Source: Exame, March 18 2016

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Emerging Markets Insights

a blog by Frontier Strategy Group

longandvariable

A blog on macroeconomics and public policy by Tony Yates.

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