If Germany introduced the French minimal wage, approximately 8 million Germans could lose their jobs.
One in every four EU citizens would either probably or definitely leave their home country to work in another EU member state in the next ten years.
And still, at the same time, and in addition to these statements, the same government, and its majority in parliament, is approving measures, which are likely to increase unemployment and destroy the process of creating new jobs.
The lack of experience, skills and even professional contacts among young people, makes them understandably one of the more sensitive labor market groups.
To answer the question of how the labour market will evolve we first need to understand where it came from and what purpose does it serve.
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While German pensioners in retirement received on average 58% of their salary, Italians received 76%, Spaniards 84%, and Greek pensioners – 110%, more than their previous salary.
Rent-seeking occurs inevitably in every society, however, some societies suffer from it more and some others less.
Spain has definitely become a time bomb. The official GDP is predicted to decline 2% in each of the two following years pushing unemployment probably over 28% and public debt from 88% to 110% of GDP.
One of the major barriers which prevent the labour market from demanding more workforce (thus lowering the unemployment) is the high level of compulsory social contributions.