Coronavirus

Industrial confederation to cut working hours, wages by 25 percent

stock market Brazil’s fund industry surviving the Covid-19 crisis

Starting on April 22, the National Confederation of Industry (CNI) said working hours will be reduced by 25 percent to comply with the provisional decree signed by President Jair Bolsonaro on April 1. Salaries will be cut accordingly as of May 1. The adjustments will remain in effect for 90 days. Earlier this week, Supreme Court Justice Ricardo Lewandowski determined companies who adopt such measures must inform trade unions in advance in order to negotiate deals with employers.