British and European Job Market
- Author Stuart Jobs
- Published June 27, 2015
- Word count 501
When looking for jobs within the boundaries of Europe, the location can make all the difference in terms of payment and prospects for employment.
In Great Britain employment rates can be seen to improve within the previous years. Currently much economic growth is concentrated in the South-East whereas regional unemployment rates are higher in northern England, Scotland, Northern Ireland and Wales. According to the latest report of the Human Resource Management, unemployment rate in the UK stands at 5.7% which went down by 1.5% over the course of a year. As a result there are currently 617,000 more people employed this year compared to the previous ones. Furthermore, average wages were perceived to rise by 1.8% over the year; the yearly standard pay is identified as 26,500 pounds, with the hourly minimum wage for over 21-year-olds being £6.50. Inflation as measured by the consumer price index is predicted to be around 1.2pc at the end of 2015 which will help to increase the value of wages. According to the Jobs Economic report on living standards, the tendency for prices to rise faster than wages is coming to an end. The job vacancy rate currently stands at 2.4 % which is one of the highest in the European Union, however, at the worse end of the market, workers still face continued pressure from their employers to accept low wages and zero-hours contracts. However, the outcome of the upcoming general elections will certainly influence the face of the British job market. The Conservatives promise to raise the minimum wage to £6.70 so no one on minimum wage who works 30 hours a week will pay income tax. Labour sets the bar higher and pledges the minimum wage to be £8 by 2019 and vows to provide more rights to employees such as the right to receive a fixed hour contract.
In Europe the state of the job market can be seen to vary from country to country. The employment rate, possibilities and wages decrease as we go from Western to Eastern countries. Generally speaking, in the EU-28 the un-employment rate is 9.8% which went down by 0.45% during the course of a year. Among the Member States, the lowest unemployment rates in 2015 were recorded in Germany (4.8 %) and Austria (5.3 %), and the highest in Greece (26.0 %) and Spain (23.2 %). The approximate job vacancy rate stands at 1.8% in the euro area and 1.7% in the EU-28. The minimum wage is also quite varied and can be seen to range from 2208 euro (£1584) to 23,076 euro (£16,527) per year. Job market policy is perceived to be in constant shift and the EU is continually improving the labour market. Among the many goals are: modernising and strengthening labour market institutions, especially employment services and removing obstacles to worker mobility across Europe. In comparison, currently it seems that the UK provides better employment circumstances than continental Europe. However, for more details it is worth looking at member countries individually which can be done through the eurostat’s website. Also, it is beneficial to keep in mind that the upcoming elections can influence the current state of the British job market.
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