BUENOS AIRES: Argentine workers fired without just cause over the next 180 days will be paid double the normal exit package under a decree announced over the weekend, as the new government breaks with the pro-business stance of the previous administration.
The “Decree of Need and Urgency” says in cases of dismissal without just cause during the term of the decree, “the affected workers will have the right to receive double the corresponding compensation in accordance with current legislation.”
Peronist President Alberto Fernandez was sworn in on Tuesday, promising an end to outgoing leader Mauricio Macri’s pro-business policies, as inflation roars at above 50%, poverty increases and economic growth sputters.
The new economy minister on Wednesday said Macri’s fiscal tightening measures had failed, and that the new administration would emphasize economic growth over the deficit reduction program that was at the heart of Macri’s push to re-integrate Argentina with the international financial markets.
Argentina’s unemployment rate rose to 10.6% in the second quarter of 2019, a percentage point higher than a year earlier, the government said in a press release announcing the decree.
Young people were especially hard hit, it said, with young women suffering a jobless rate of 24%.
“By decision of President Alberto Fernandez, the public emergency in occupational matters is declared in view of the need to stop the aggravation of the labor crisis,” the press release announcing the decree said.
Argentina issues decree making it harder for businesses to fire workers
Argentina issues decree making it harder for businesses to fire workers
- Current inflation in the country is above 50%
- New economy minister said the new administration will emphasize economic growth over the deficit reduction program
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
