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The Effectiveness of Job-Retention Schemes: COVID-19 Evidence From the German States

2021-10 Business & Economics
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Release : 2021-10
Genre : Business & Economics
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Book Synopsis The Effectiveness of Job-Retention Schemes: COVID-19 Evidence From the German States by : Mr. Shekhar Aiyar

Download or read book The Effectiveness of Job-Retention Schemes: COVID-19 Evidence From the German States written by Mr. Shekhar Aiyar. This book was released on 2021-10. Available in PDF, EPUB and Kindle. Book excerpt: Kurzarbeit (KA), Germany’s short-time work program, is widely credited with saving jobs and supporting domestic demand during the COVID-19 recession. We quantify the impact by exploiting state-level variation in exposure to the pandemic shock and KA take-up. We construct a shift-share measure of the labor demand shock and instrument KA take-up using the pre-existing, state-specific share of workers eligible for KA. We find, first, that KA was crucial in mitigating unemployment: absent its expansion the unemployment rate would have increased by an additional 3 pp on average at the trough of the recession. Second, KA also bolstered domestic demand: the contraction in consumption could have been 2 to 3 times larger absent the program. Finally, we provide preliminary evidence on the sensitivity of the medium-run reallocation of resources to the prevalence of jobretention schemes during the Global Financial Crisis.

Job Retention Schemes During the COVID-19 Lockdown and Beyond

2020
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Release : 2020
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Book Synopsis Job Retention Schemes During the COVID-19 Lockdown and Beyond by :

Download or read book Job Retention Schemes During the COVID-19 Lockdown and Beyond written by . This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt: Job retention (JR) schemes have been one of the main policy tools used by a number of OECD countries to contain the employment and social fallout of the COVID-19 crisis. By May 2020, JR schemes supported about 50 million jobs across the OECD, about ten times as many as during the global financial crisis of 2008-09. By reducing labour costs, JR schemes have prevented a surge in unemployment, while they have mitigated financial hardship and buttressed aggregate demand by supporting the incomes of workers on reduced working time. Looking forward, governments need to be vigilant to ensure that JR schemes are not downscaled too quickly, and allow viable jobs to be destroyed, or too slowly, and become an obstacle to the economic recovery. When the health and economic situation improves, JR support needs to be better targeted to jobs that are viable but at risk of being terminated and place a greater focus on supporting workers at risk of becoming unemployed rather than their jobs.

Job Retention Schemes During COVID-19

2022
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Release : 2022
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Book Synopsis Job Retention Schemes During COVID-19 by : Werner Eichhorst

Download or read book Job Retention Schemes During COVID-19 written by Werner Eichhorst. This book was released on 2022. Available in PDF, EPUB and Kindle. Book excerpt: This policy brief provides an update on job retention policies in a sample of 20 countries representing the main world regions as well as the diverse types of job retention schemes, in particular short-time work, furlough and wage subsidy schemes as they have been implemented in response to the COVID-19 pandemic. We show the diversity of these policies as well as the available information about their (re-)design as the pandemic evolved up to the most recent period. The policy brief raises main issues regarding the implementation and adaptation of job retention policies and illustrated this with four case studies.

How Effective Were Job-Retention Schemes During the COVID-19 Pandemic? A Microsimulation Approach for European Countries

2023-01-13 Business & Economics
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Release : 2023-01-13
Genre : Business & Economics
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Book Synopsis How Effective Were Job-Retention Schemes During the COVID-19 Pandemic? A Microsimulation Approach for European Countries by : W. Raphael Lam

Download or read book How Effective Were Job-Retention Schemes During the COVID-19 Pandemic? A Microsimulation Approach for European Countries written by W. Raphael Lam. This book was released on 2023-01-13. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic had posed a dramatic impact on labor markets across Europe. Forceful fiscal responses have prevented an otherwise sharper contraction. Many countries introduced or expanded job-retention schemes to preserve jobs and support households. This paper uses a microsimulation approach (EUROMOD) and household data to assess the effectiveness of those schemes in stabilizing household income during the pandemic across European countries. Empirical evidence shows that job-retention schemes were effective in stabilizing income and, along with other measures, absorbed nearly 80 percent of market income shocks—almost doubling the extent of the automatic stabilization of the pre-pandemic tax and benefit systems. The large effects are related to the widespread use and scaling up of those schemes and a deep but short-lived disruption to labor markets during the pandemic. Along with other fiscal support measures, job-retention schemes helped mitigate the rise in the unemployment rate, by about 3 percentage points, and income inequality during the pandemic. Our results show that job-retention schemes were largely targeted, in which households more vulnerable to income losses, such as lower-income families, youth, and low-skilled workers, are able to stabilize their income.

Riding the Waves: Adjusting Job Retention Schemes Through the COVID-19 Crisis

2022
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Release : 2022
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Book Synopsis Riding the Waves: Adjusting Job Retention Schemes Through the COVID-19 Crisis by :

Download or read book Riding the Waves: Adjusting Job Retention Schemes Through the COVID-19 Crisis written by . This book was released on 2022. Available in PDF, EPUB and Kindle. Book excerpt: This document provides an update on the use of job retention (JR) schemes during the COVID-19 crisis until the end of 2021 and takes stock of the different strategies employed by OECD governments to adjust them as the crisis evolved. It provides three key insights. First, since reaching a peak of 20% of employment in April/May 2020 on average across OECD countries, the use of JR support has declined to 1.3% in November/December 2021. Second, countries have used different approaches to adjust temporary JR provisions during the course of the crisis, with some phasing them out, some providing increasingly targeted support and others keeping temporary measures unchanged. Third, JR schemes have tended to become more targeted by directing support towards jobs in firms that had been affected most by the pandemic, but remained viable in the medium term. A majority of countries now require co-financing by firms for hours not worked under these schemes in contrast to the start of the crisis when most countries exempted firms from subsidising the costs associated with hours not worked.

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