Cuba announces mass layoffs in bid to spur private sector [View All]

[cory777]

Source: Reuters

HAVANA (Reuters) - Cuba will lay off more than 500,000 state employees by March and expand private employment to give them work in the biggest shift to the private sector since the 1960s, the Cuban Workers Federation said on Monday.

Eventually more than a million jobs would be cut and, due to efforts to increase efficiency in the state sector, there would be few new state sector openings, the federation said in a statement.

More than 85 percent of the Cuban labor force, or over 5 million people, works for the Soviet-styled one-party state, many of them in unproductive work.

"Our state cannot and should not continue maintaining companies, productive entities, services and budgeted sectors with bloated payrolls (and) losses that hurt the economy," the statement said.

Read more: http://ca.news.yahoo.com/s/reuters/100914/world/international_us_cuba_reform

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