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Bolsonaro promises decrees to save jobs

. Apr 01, 2020
jobs job creation productivity

President Jair Bolsonaro said on Wednesday morning that he will issue two provisional decrees to avoid massive layoffs due to the coronavirus crisis. One of them will cost roughly BRL 58 billion to his administration and allows companies to reduce working hours and salaries for three months — the government would compensate workers. “[Companies] can slash working days by 20, 25, 30 percent, the federal government will cover the difference,” said Economy Minister Paulo Guedes. “We are paying companies to keep jobs, which the president promised to do, to fight for the preservation of jobs.”

The other decree will open a BRL 40-billion credit line to allow companies to honor their payroll commitments. The government will answer for BRL 34 billion of these loans, with banks picking up the remaining amount. “For those who save jobs, we’ll pick up the slack and offer credit,” said Mr. Guedes.

 
Gustavo Ribeiro

An award-winning journalist, Gustavo has extensive experience covering Brazilian politics and international affairs. He has been featured across Brazilian and French media outlets and founded The Brazilian Report in 2017. He holds a master’s degree in Political Science and Latin American studies from Panthéon-Sorbonne University in Paris.

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