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Biz Ethics

In: Business and Management

Submitted By Felipeobueno1
Words 809
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LABOUR FORCE FLUCTUATIONS
AND ITS OUTCOMES

INFLOWS FROM THE UNEMPLOYMENT POOL (NEWLY UNEMPLOYED)
Look at the level of unemployment as a pool, i.e. there are inflows and outflows from the pool.
Sacked or laid off. Temporarily laid off (but expecting to be taken on again). Voluntarily unemployed. People not previously employed School leavers People who were previously employed but left the workforce and didn’t register, and have decided to return to it. Immigrants People resigning from work

OUTFLOWS FROM THE UNEMPLOYMENT POOL
People get jobs or create their business People leave the labour force completely (retired and discouraged workers). Emigrants

COSTS OF UNEMPLOYMENT
Economic costs of Unemployment are estimated at over 7% of GDP. Loss in output that could have been produced if everyone was working Loss in tax revenue Loss of income Unemployment can lead to a lack of social cohesion, and physical and mental health, increased crime rates. Most unemployed people feel a low level of selfesteem

REASONS FOR EU’S HIGH UNEMPLOYMENT RATE
Competition from other areas of the world. Rapid growth in labour costs. High minimum wages have discouraged employers from hiring low-skilled workers. Replacement ratio - generous welfare benefits have weakened incentives for people to take available jobs. Tax wedge – discouraged workers. Restrictions against firings have discouraged firms from employing workers.

MINIMUM WAGE EFFECTS

MINIMUM WAGES, JANUARY 2014 (1) (EUR PER MONTH) YB14

US minimum wage http://money.cnn.com/interactive/pf/state-minimum-wage/

30 to 40 days per year of paid vacations and holidays have boosted the cost of hiring workers. Early retirement is a problem, as the state has to fork out pensions earlier. High employer costs of health, pension, disability, and other benefits have discouraged hiring.
Over half of Germany’s and...

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