The Corona pandemic has left a significant mark on the labour market: After the Federal Agency published for many years, good news, there are significantly more unemployed, significantly more bankruptcies, and less employment. This will have an impact also on other socially relevant sizes: Because work is for many Germans much more than just earning a crust. In fact, employment is also strongly influenced satisfaction, quality of life and even health.
the work allows participation and recognition
Never the Germans were as satisfied as before the crisis. Employed people are more satisfied than the unemployed. And: For the satisfaction, it is clearly important that work is generally available, less decisive, however, is, what kind of work someone did for a living. People, especially men, associate with work is also intangible factors that ultimately influence the quality of life, for example, participation, recognition by colleagues and supervisors, and social contacts. In addition, professionals also healthier than the unemployed, that you are mentally impaired rarer and more resilient.
work is at the same time, but also essential to prevent poverty. The risk-of-poverty rate in Germany to 2018, with unemployment at nearly 70 percent, for workers, however, below ten percent. The number of people needed, in spite of a full-time job public assistance has been going on since 2012 by 80,000 to 122,000 (June 2019) back. At the same time work is the most important factor, in order to build a fortune. Many interruptions in employment, or a change between dependent and self-employed work have a rather negative effect on capital formation.
fear of unemployment, depressed
in Front of the Corona-crisis, the German labour market in great shape: Three quarters of the people employed in the sector gave in 2018, that you do not have to Worry for their jobs – which is likely to have changed in the meantime. This has consequences: the fear to become unemployed, seems to push quality of life and satisfaction at a similar rate as actual unemployment.
In addition, the pandemic has further consequences that are not quantified yet. In particular, people with a migration background are likely to have it much more difficult to find in the foreseeable future, a Job in the service sector. Unemployment could grow in the coming years, and also the long-term unemployment could rise in the coming months and years. The long-term effects of Corona for the labour market are not yet foreseeable.
This post was written by Dr. Hans-Peter Klös, Institute of German economy (IW), and Prof. Dr. Hilmar Schneider, Institute for the study of labor (IZA).
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