Large oil field, steel production capacity, or number of tractors produced do not make the company rich. The company grows rich thanks to skilled people in the right place, their excellent skills and ability to adapt to change. As Julian Simon used to say, the ultimate source of wealth is man.
Prior to the crisis triggered by the COVID-19 outbreak, the Lithuanian economy had been enjoying a rapid growth. Yet, while the number of available jobs had been increasing, the number of unemployed had remained steadily high.
Crises, particularly so severe as the one we are currently facing, have the inevitable habit of redefining the way our economic life works. The way people work, as well as the very labor market itself, will undergo significant changes.
For the third year in a row, the Lithuanian Free Market Institute and its partner organizations present the Employment Flexibility Index 2020 that ranks a total of 41 countries that are members of the European Union (EU) or the Organization for Economic Cooperation and Development (OECD).
The EU sets minimum levels of regulation with respect to working hours. The research shows that the countries tend to comprehensively follow the set EU standards with regard to the maximum duration of work during the day, minimum periods of rest, and some aspects of annual leave.