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News > Chile

Chile: Banking Workers' Union Condemns Massive Layoffs

  • People line up to access unemployment funds, Chile, Jan. 20, 2021.

    People line up to access unemployment funds, Chile, Jan. 20, 2021. | Photo: Twitter/ @PublimetroChile

Published 22 January 2021 (12 hours 3 minutes ago)

To maintain their profit levels, financial institutions laid off nearly 2,000 workers this month.

Chile's Confederation of Banking and Financial Sector Unions (CSBF) on Friday delivered a letter to the Banks and Financial Institutions Association (ABIF) President Jose Mena to express its rejection of recent massive layoffs.


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Representatives from the Bank of Chile and the Santander bank signed the letter which highlighted the "unjustified" dismissal of over 2,000 workers. 

CSBF President Pamela Henriquez questioned that the layoffs occurred in order to maintain the "competitiveness and sustainability" of the banking institutions.

She noted that the Bank of Chile had profits of US$636 million while Santander bank recorded incomes of US$711 million at the end of December 2020.

"We express our concern for the delicate moment currently experienced by workers who not only have to endure the adverse effects of the pandemic but also see their jobs at risk," Henriquez said.

The latest report from the National Institute of Statistics (INE) noted that the unemployment rate was 10.8 percent at the end of November 2020.

In 2020, tallies of employed people in the commerce sector dropped by -11.3 percent while a decrease was also experienced in the accommodation and food services (-41.5 percent) and the construction (-23.0 percent) sectors.

Likewise, informal employment decreased by 17.2 percent, affecting both women (-26.0 percent) and men (-10.1 percent).

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