High Labor Turnover Fuels Inequality in Latin America
While job changes can provide short-term benefits, particularly to younger people, workers who frequently switch roles tend to experience slower average wage growth over time. This may impede economic growth in Latin American countries, where a significant portion of the population works in precarious informal jobs.
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RIO DE JANEIRO – Despite robust labor regulations, Latin American countries have exceptionally high turnover rates. Roughly 24-44% of workers in Argentina, Brazil, Ecuador, Mexico, Paraguay, and Peru quit each year, and 30-50% of them exit the workforce.