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UK jobs surge due to low-wage work, IFS | economics




The study found that the UK’s worst labor market shortage in decades is that employers are struggling to recruit low-wage workers, while vacancies in other parts of the world are still well below pre-pandemic levels.

According to a report by the Institute for Fiscal Studies, nearly three-quarters of the workforce has lost employment opportunities, despite reports focusing on severe staff shortages in several sectors of the economy, such as road transport, management and warehousing operations. 30% lower than usual level. .

The surge in job vacancies to record levels in recent months has been attributed almost entirely to low-wage jobs.

The figures, showing record vacancies, were taken as a signal from the government minister that the UK economy was experiencing its worst pandemic with relatively intact job markets.

Ministers have also suggested that ending vacation plans, where hundreds of thousands of workers are still thought to be receiving pandemic support, could help stem the worker shortage before being repealed later this month.

But the IFS said the prospects for job seekers are worse than before the coronavirus pandemic as more people are looking for new jobs and more competition for vacancies.

It is estimated that two-thirds of job seekers come from occupations where competition for a job is more than 10% higher than pre-pandemic. Competition will intensify if some unemployed people join the jobseeker pool when the unpaid leave system ends, he said.

Instead, the surge in vacancies to record levels was driven by a shortage of low-wage workers such as road transport and warehouses, and vacancies in the sector are now 19% higher than before the pandemic.

Many companies are struggling to hire staff due to churn in the job market due to COVID-19 and Brexit, as well as staff turnover due to years of low wages and conditions.

Although the IFS report found that a small number of celebrity shortages were disrupting the supply of certain goods, the think tank said there were few signs that workers’ bargaining power was beginning to rise overall.

Some economists have suggested that the staffing shortage could affect workers’ pay increases, and companies are struggling to lure their employees using one-time sign-up bonuses and higher salaries, which could increase inflationary pressures.

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The unions are demanding better salaries and better conditions since the decade of the worst average earnings growth since the 19th century. An analysis of online job postings found that starting salaries are rising in some occupations, such as truck drivers, carers and warehouse workers.

But Xiaowei Xu, chief research economist at IFS, said vacancy rates are being driven by small-paying occupations. She said the famous story of growing vacancies and labor shortages in certain areas is true, but we must not be misled into thinking that worker power has returned.

For people in many occupations, new job opportunities are far below pre-pandemic levels. And it’s not just the number of jobs that counts, but how many people are competing for jobs. After all the chaos of the past year, more people are looking for work than ever before. So, most job seekers will find that job competition is unusually fierce.




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