Job growth rising among rich nations

Dhaka,  Thu,  24 August 2017
Published : 14 Jun 2017, 13:35:50 | Updated : 14 Jun 2017, 16:22:12
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Job growth rising among rich nations

Job growth rising among rich nations
The annual jobs report from the Organisation for Economic Co-operation and Development (OECD), published Tuesday, revealed the employment rate for people aged 15-74 in the OECD area reached 61 per cent last year, according to global media report Wednesday.

This took it above the peak of 60.8 per cent at the end of 2007, just before the global recession pushed millions out of work. The report highlighted what the OECD called a “paradoxical” moment for the developed world: employment is rising but so is workers’ anger about globalisation and inequality. 

“While the job gap is closing, many people do not feel the benefits as they are facing stagnant wages and no career prospect: we need an inclusive labour market that reconnects the benefits of our economic model with those who work in it,” said, OECD secretary-general.

This discontent has prompted soul-searching at the OECD, made up of 35 of the world’s wealthiest nations. The populist backlash against globalisation challenges the policy advice offered by international organisations like the OECD, which have long emphasised the benefits of global integration, the report said. 

The organisation’s research showed labour markets had been “hollowed out”, with fewer roles in the middle of the jobs ladder and more at the top and bottom. The share of employment in “middle-skilled” jobs fell 9.5 percentage points between 1995 and 2015 in the OECD area, while the share of high and low-skilled jobs rose 7.6 and 1.9 percentage points respectively.

About a third of this polarisation was owing to the destruction of factory jobs and their replacement with lower-skilled service sector roles. The rest was because of polarisation within industries. The OECD attributed this more to the development of new technologies than to globalisation, though it said the two trends were difficult to disentangle.

 
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