Advancing Labor Market Reforms in Korea
Advancing Labor Market Reforms in Korea

Author: Stella Tam

Publisher: International Monetary Fund

Published: 2024-08-23

Total Pages: 25

ISBN-13:

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This paper examines structural challenges facing the Korean labor market and analyzes the macroeconomic effects of potential labor market reforms. Our cross-country empirical analysis finds that easing of employment protection legislation tends to have positive macroeconmic effects during periods of strong growth but could turn contractionary in periods of slack. By contrast, increased spending on active labor market policies and reductions to the labor tax wedge tend to be more effective in periods of slack. Our analysis thus highlights the importance of considering economic and policy conditions when designing labor market reforms. Under the current disinflationary policy stance, the government’s focus on the working hour reform seems appriorate. With growth recovering, deregulation to reduce employment protection for regular workers can also be considered, combined with targeted support to vulnerable groups.

Labour Market Reforms in Portugal 2011-15 A Preliminary Assessment
Labour Market Reforms in Portugal 2011-15 A Preliminary Assessment

Author: OECD

Publisher: OECD Publishing

Published: 2017-02-21

Total Pages: 179

ISBN-13: 9264269576

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This report evaluates the comprehensive labour market reforms undertaken in Portugal in 2011-15. It reviews reforms in employment protection legislation, unemployment benefits, activation, collective bargaining, minimum wages and working time, and assesses the available evidence on their impact.

Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal
Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal

Author: Yangkyoon Byeon

Publisher: International Monetary Fund

Published: 2017-11-20

Total Pages: 41

ISBN-13: 1484329937

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Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.

Labor and Product Market Reforms in Advanced Economies
Labor and Product Market Reforms in Advanced Economies

Author: Angana Banerji

Publisher: International Monetary Fund

Published: 2017-03-13

Total Pages: 120

ISBN-13: 1475583974

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Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns about their distributive and short-term economic effects. Our analysis, based on new empirical and numerical analysis and country case-studies shows that most labor and product market reforms can improve public debt dynamics over the medium-term. This because reforms raise output by boosting employment and/or labor productivity. But the effect of some labor market reforms on budgetary outcomes and fiscal sustainability depends critically on business cycle conditions. Our evidence also suggests that some temporary and well-designed up-front fiscal stimulus can help enhance the economic impact of reforms. In the past, countries have used fiscal incentives in the past to facilitate reforms by alleviating transition and social costs. But strong ownership of reforms was crucial for their successful implementation.

Skilling Up Vietnam
Skilling Up Vietnam

Author: Christian Bodewig

Publisher: World Bank Publications

Published: 2014-07-02

Total Pages: 193

ISBN-13: 1464802319

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The demand for workforce skills is changing in Vietnam’s dynamic economy. In addition to job-specific skills, Vietnamese employers value cognitive skills, like problem solving, and behavioral skills, like team work. This book presents an agenda of change for Vietnam’s education system to prepare workers to succeed in Vietnam’s modernizing economy.

Working Better with Age
Working Better with Age

Author: OECD

Publisher: Org. for Economic Cooperation & Development

Published: 2018

Total Pages: 0

ISBN-13: 9789264201859

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Currently, Japan has the highest old-age dependency ratio of all OECD countries, with a ratio in 2017 of over 50 persons aged 65 and above for every 100 persons aged 20 to 64. This ratio is projected to rise to 79 per hundred in 2050. The rapid population ageing in Japan is a major challenge for achieving further increases in living standards and ensuring the financial sustainability of public social expenditure. However, with the right policies in place, there is an opportunity to cope with this challenge by extending working lives and making better use of older workers' knowledge and skills. This report investigates policy issues and discusses actions to retain and incentivise the elderly to work more by further reforming retirement policies and seniority-wages, investing in skills to improve productivity and keeping up with labour market changes through training policy, and ensuring good working conditions for better health with tackling long-hours working culture.

The Cambridge Handbook of Labor and Democracy
The Cambridge Handbook of Labor and Democracy

Author: Angela B. Cornell

Publisher: Cambridge University Press

Published: 2022-01-20

Total Pages: 385

ISBN-13: 1108879632

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We are currently witnessing some of the greatest challenges to democratic regimes since the 1930s, with democratic institutions losing ground in numerous countries throughout the world. At the same time organized labor has been under assault worldwide, with steep declines in union density rates. In this timely handbook, scholars in law, political science, history, and sociology explore the role of organized labor and the working class in the historical construction of democracy. They analyze recent patterns of democratic erosion, examining its relationship to the political weakening of organized labor and, in several cases, the political alliances forged by workers in contexts of nationalist or populist political mobilization. The volume breaks new ground in providing cross-regional perspectives on labor and democracy in the United States, Europe, Latin America, Africa, and Asia. Beyond academia, this volume is essential reading for policymakers and practitioners concerned with the relationship between labor and democracy.

Global Employment Trends
Global Employment Trends

Author: Claire Harasty

Publisher: International Labour Organization

Published: 2003

Total Pages: 128

ISBN-13: 9221133605

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Incorporating the most recent data available for 2002, this report analyses current labour market trends and examines the impact of the global economic downturn and post 11 September developments upon different world regions. Covering Latin America and the Caribbean, East Asia, South East Asia, the Middle East and North Africa and sub-Saharan Africa, the transition economies and industrial countries, it focuses on the distinct labour market characteristics and challenges faced by each region and economic group. It also traces factors contributing to the global employment decline, such as the increase in informal sector employment, the decrease in employment in information and communication technology, as well as extensive jobs losses in the travel and tourism industries and the export and labour-intensive manufacturing sectors.