Restructuring labour markets

25 APR,2021 | MEDC


 

In the wake of Covid, labour markets have become more flexible, and informal working is now becoming commonplace. People tend to uncover new opportunities when they have limited options. Of course, this is not to downplay the adverse effect of the pandemicon employment. But the fact is that Covid has given self-reliance a new meaning as workers now shoulder the risk when it comes to their income, how many hours they work, and how they cope if they are ill or unemployed. Policymakers should use this chance to expand the scope of the formal economy and generate more opportunities in it. Sick leave, unemployment insurance, and access to reskilling should be provided to all workers regardless of the nature of their employment contract. Ultimately, everyone needs a minimum level of security for a sustainable livelihood, and insecurity anywhere means insecurity everywhere. Developing systems for harnessing human talent optimally is not just about social equity, but it also boosts economic growth. 

*Photo Credit: Google

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