Tuesday, November 30, 2021

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Subsidies proposed in Angola due to rising unemployment

Subsidies proposed in Angola due to rising unemployment

Luanda, Jul 2 (Prensa Latina) An advisory body in Angola proposed the establishment of unemployment benefits resulting from the deterioration of the national socioeconomic situation caused by Covid-19.
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The Economic and Social Council (CES) analyzed on Thursday a set of proposals on benefits for people who contributed at least 12 months to Social Security and lost their job, as well as for young students, the Angolan press agency (ANGOP) reported.

According to the source, the CES suggestions will be presented in the coming days to President João Lourenço, with a view to alleviating the suffering of these social groups, giving them purchasing power and improving their living conditions.

The announcement did not specify the possible financial costs of the initiative or its probable scope, in a context where a large part of the economically active population works in the informal sector, without adequate protection by the Social Security mechanisms.

Estimates from the Ministry of Economy and Planning indicate that the informal economy in Angola represents between 40 and 60 of the Gross Domestic Product, with the highest incidence in the branches of agriculture, commerce, fishing and services.

Looking to 2025, the executive foresees the formalization of 72.6 percent of the operators acting outside the legal circuit, which handle up to 64 billion dollars annually, the Ministry of Economy and Planning reported.

At the end of last year, the National Institute of Statistics calculated the existence of 5,286,045 unemployed of working age, for an unemployment rate of 34 percent, as per the ANGOP review.

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