I quoted an article that stated a former mechanic made more money busking in Colombia versus working in Venezuela.
I mentioned another article that said 10,000 left their jobs in one week.
Well, Bloomberg recently had an article digging into this topic even more. Here are some of the points:
1. One reason why oil production is dropping in Venezuela is hunger. The oil industry is physically demanding. With hyper-inflation, employees aren't able to afford food. Without enough calories and a balanced diet, employees just can't do their work. To describe the situation, the article uses words like "passing out," "weak," "fainted," and "fatigued."
2. The article doesn't mention anything about 10,000 people leaving in one week, but it does mention numbers like 500 leaving over 12 months or 10 people resigning in a month. What is one interesting sentence is the following: There are 263 plant operators remaining and 180 vacancies at the Puerto La Cruz refinery, he said. That's 40% of positions unfilled. I have to think that at that level, there are plenty of necessary duties that aren't being done and therefore the refinery is becoming less and less productive.
3. An interesting quote is: Those who quit without notice risk losing their pensions, as bureaucrats refuse to process paperwork . . . In one human resources office, a sign advertised a limit of five resignations a day.
My thought on that: in a world of hyper-inflation, would the risk of losing your pension really be a reason not to leave? I don't know how much those pensions are worth, but I have to believe that one could probably live better in another country -- like I've mentioned, a person was able to make more money busking in Colombia versus working in Venezuela. I mean, generally, don't pensions provide you with less money than what you used to make working? Of course, this is Venezuela versus the US. But if you are starving on your current salary, wouldn't it be even worse on a pension?
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