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Chung: Workforce Must Receive Decent Pay To Spur Economic Growth | RJR News - Jamaican News Online
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Chung: Workforce must receive decent pay to spur economic growth

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Financial analyst Dennis Chung
 
Financial analyst Dennis Chung says employing more people will not spur economic growth if they are not being paid decent salaries.
 
In its latest Labour Force Survey released last Friday, the Statistical Institute of Jamaica reported that the country's unemployment rate dipped to 3.6 per cent in July.
 
Mr. Chung says more Jamaicans need to be earning a middle-class income in order for the economy to grow.
 
He is also in agreement with Senator Kavan Gayle's call for a skills gap assessment of the domestic workforce to identify the specific competencies in demand across industries.
 
Mr. Chung argues that this could help to boost labour productivity. 
 
"We will see growth, we will see people being employed, but because of the lack of productivity levels, labour productivity... it means that even though we are employed, we are not going to get enough people moving up to the middle class. So for me, the biggest problem is that we have employment out there, but we don't have enough income levels that can give us a big enough middle class, and middle class income is what grows an economy," he asserted. 
 
Mr. Chung believes that hiring overseas workers can also help address the skills gap and spur economic growth. 
 
"Remember, labour is just a factor of production like raw materials and capitals that we import. So this argument that people are saying we want to resist labour imports, I can't understand it because it is going to increase our productivity. It is going to increase our production; it is going to increase the competitiveness to ensure that our labour force remains working well and improves." 
 
Mr. Chung, who was a guest Thursday on the Morning Agenda on Power 106FM, said Jamaica's latest Labour Force Survey showing that more men are employed than women is consistent global trends.
 
STATIN reported that the more than half of the 1,409,000 people employed as at July this year were men.
 
The financial analyst said, globally, men have greater opportunities in the workforce than women. 
 
"If you look at the areas of employment in Jamaica that are very much more significant, like agriculture and construction, those are geared towards males than females, so that's what you'll find. And the truth is that there is nothing wrong with women or men not choosing to work if your household can afford it. I mean, if you look at it, we are moving towards a situation where, globally, the labour force, I think, is going to be working less and less" he reasoned. 
 


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