Unemployment Rates Still On the Rise, However Benefits Are Decreasing
The state of being unemployed is when an individual has no job to do, and is in the searching process. The rate of joblessness reflects the measure in which lack of job opportunities is prevalent in a country. To calculate this rate of unemployment, one has to divide the total number of individuals who are idle by those currently at work.
The economy in America has faced adverse changes in economy since 2008 which has reduced the rate of employment. Based on ILO reports, approximately 197 million people have jobs across the globe. However in 2012, six percent of individuals who had work across the world became jobless (IMF 20). This report implies that the rate of joblessness in the world has increased and the situation is still growing worse. In addition, this condition affects individuals in the work force when there is increase in level of joblessness.
It is also apparent that a society where people lack jobs leads to a poor economy. Furthermore, when the unemployment cases worsen, it makes it difficult for the management in most firms to compensate their workers. As a result, there has been decrease in benefits that is supposed to be granted to workers. This has been linked to the increase in joblessness which affects the country. In 2009, the number of employees that covered the compensation of workers dropped to 4.4 percent. Conversely, compensation on gains that was supposed to be granted to workers by their employers was reduced by 7.6 percent.
Evaluating the decrease in benefits and rates of joblessness, there is need of firms and governments around the world to promote this sector. Economists reveal that a stable economy should always uphold how they compensate and remunerate their workers. Employers need to focus on the factor of unemployment that brings this variation hence affect benefits.
Works Cited
International Labor Organization (ILO). Global Employment Trends 2013. 2013. Web. 22 March 2013, http://www.ilo.org/wcmsp5/groups/public/—dgreports/—dcomm/—publ/documents/publication/wcms_202326.pdf
International Monetary Fund (IMF). Ireland: Fifth Review Under the Extended Arrangement – Staff Report; Staff Supplement; Press Release on the Executive Board Discussion. Washington, DC: IMF, 2012.
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