(FS.6.01) Employment & Wages Your browser does not support the audio element. [New] Despite the 2008 financial crisis, the first two decades of the 21st century have seen work opportunities expand and employment participation rise to record levels in most countries. [New] South Korea's new government, elected in part on its environmental policies, has announced its own $US110 billion New Green Deal, designed to boost employment and meet a target of producing net zero emissions by 2050. [New] Shifting to a new climate economy could generate 65 million new low-carbon jobs globally in 2030, more than offsetting employment reductions in declining sectors and leading to a net employment gain of 37 million jobs. [New] Policymakers should be focused on creating the conditions that enable the 1 in 5 Americans who have lost their jobs to reconnect with their previous employers or find new employment, instead of incentivizing them to remain unemployed until 2021. Although unemployment in most parts of the globe is at historically low levels, salary increases in Australia are expected to be modest, with Australian workers looking at a predicted 1.0% real-wage increase in 2020. The US Bureau of Labor Statistics (BLS) projects a positive outlook for translation and interpreting where employment is expected to increase by 18% between 2016 and 2026. 900,000 new jobs will be generated in the creative industries between 2013 and 2030, with local economies growing their creative industries employment by an average of 11%, twice as fast as other sectors. Even the achievement of optimistic employment goals among sectors with currently low participation rates will not prevent a drop in Israel's GDP growth to a historically low level of only 2.3% per year. A US federal investment of $250 million to $500 million a year over the next four to five years could boost employment by growing the skilled workforce that can fill new in-demand jobs. Online behemoth Amazon has warned it could post its first quarterly loss in five years as it spends at least $US4 billion to protect workers from the virus outbreak, increases wages and hires more staff to cope with increased demand for products amid government lockdowns. Up to 60 million new jobs in the green economy could potentially be created by 2030 - if properly managed, green growth can provide an opportunity to address the youth employment challenge while simultaneously preserving the environment and increasing climate resilience. The American Hotel & Lodging Association released a new report showing the average small business hotel will require additional funding from SBA loans under the Paycheck Protection Program to rehire employees or prevent further layoffs and keep their business open. Even if employment rebounds by the end of this year and payroll taxes return to near-normal levels, the shock from the pandemic shutdown could accelerate the depletion of the Social Security trust fund by about six months.. The Center for Economic Forecasting is forecasting that employment in California will grow by 1.83% in 2020 or 322,561 jobs. Unless the UK can secure frictionless trade with the EU, it will be more expensive for businesses to operate, which could lead to widespread lay-offs and decreasing wages. A 90-day suspension of cruises in the UK will lead to a total economic loss of £2.37bn, 13,788 jobs and £746m in wages. A total of 13 out of the top 20 increases in real salaries have been observed in Asian countries, with India, Vietnam, and Indonesia occupying the top three spots globally according to forecasted real salary increase for 2020. The Government will provide $60.0 million over four years from 2019-20 to expand the successful Australian Apprentice Wage Subsidy Trial to provide additional support for young Australians and small businesses across rural and regional Australia. The introduction of the UK National Living Wage will increase the cost of seasonal wages for grower businesses by 35% over the period 2016-2021, equivalent to an average annual rate of wage inflation of just under 7% a year. The U.S. unemployment rate lingers at several decades low and risks reversing as rising employment costs have led to a decline in job openings at the start of 2020. See full forecast Last updated: 26 May 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
