micro 42 labour market trends Flashcards
What is the level of employment in the UK?
74%
What is the unemployment rate in the UK?
4%
How much does the average full time worker earn per year?
35,000 pounds
What percentage of the labour force does the public sector account for?
18%
How do the characteristics of public sector workers differ from those of private sector workers?
- More females.
- More have degrees compared to private sector.
- Most are in trade unions.
Define labour force?
Number of people working and looking for. 16-65
What changes has the government proposed to the labour force in recent years?
Trying to end zero hour contracts by regulation.
What disadvantages are associated with raising the retirement age?
- Less productivity (depends on service/good).
- Strain on healthcare.
- Less time for leisure.
- Less jobs for younger people.
Define economically inactive?
People who don’t have a job but are not actively seeking for one.
What percent of population is economically inactive?
20%
Who are the economically inactive?
Retired, Students, Disabled, Homemakers, Carers.
What does the government do to try and reduce the number of economically inactive?
Reduce benefits and income tax, disability provision, childcare provision (nordic countries have the most generous childcare provision).
Define participation rate?
Percentage of people in the labour market.
What is the participation rate in the UK?
77%
Define dependancy ratio?
The ratio of dependance to working age population
Why is the dependency ratio important?
Budget deficit and debt levels will be affected.
What is the dependency ratio in the UK?
57%
What has been happening to the dependancy ratio in the UK?
Its increasing. Therefore immigration will increase in the future.
Who has the highest dependency ratio in europe?
Italy
why are more more women participating in the labour force?
- Discrimination acts protect women.
- Less children - Marry later.
- Service sector requires more women.
- Social norms.
