Poll: Have you seen wage shifts amid lower unemployment? Loop Jamaica

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Loop News

4 hrs ago – Updated

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New data released by the Statistical Institute of Jamaica reveals that Jamaica achieved a record-low unemployment rate of 4.2 per cent in October 2023.

This development bodes well for the economy.

However, per economic principles, it should also translate into positive outcomes for individuals, even those who have been seeking employment for an extended period.

As the demand for labour increases with a declining unemployment rate, it is anticipated that salaries for employees will rise.

With a reduced pool of available workers, employers may find themselves compelled to offer higher wages to both attract and retain talent. However, a consequence of escalating wages is that some smaller enterprises may be compelled to recruit from a less skilled labour pool, potentially impacting productivity.

Wage shift amid lower unemployment

Yes, my employer has boosted my salary by between 10 and 25%

9% (1 vote)

I have received a salary increase, albeit only to compensate for cuts made during COVID

9% (1 vote)

I have received the standard annual salary increase of 5-10%

36% (4 votes)

My employer is unaffected by the limited talent pool; I continue to receive the same salary

45% (5 votes)

Total votes: 11

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