Causes and Impacts of Job Displacements and Public Policy Responses
Across the globe, both cyclical downturns and structural changes episodically eliminate substantial numbers of jobs and in the process create serious dislocations. For instance, the rise in joblessness because of the ongoing COVID-19 crisis is projected to be extraordinarily steep. As a response to job displacements, governments have implemented a range of measures to financially compensate displaced workers, assist them in finding reemployment, or both. The challenges should not be minimized: job losses have significant economic as well as social and psychological consequences; laid-off workers often lack the skills or geographic proximity to easily transfer to sectors that are growing; and providing adequate support can be expensive. Nonetheless, careful public policy responses can help mitigate the costs of job displacements and support workers in finding productive reemployment.
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| Format: | Policy Note biblioteca |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020-05-07
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| Subjects: | CORONAVIRUS, COVID-19, PANDEMIC RESPONSE, UNEMPLOYMENT, JOB DISPLACEMENT, LABOR MARKET, LABOR POLICY, PUBLIC POLICY, SOCIAL ASSISTANCE, INCOME SUPPORT, SUBSIDIES, BUSINESS SUPPORT, SELF-EMPLOYMENT, |
| Online Access: | http://documents.worldbank.org/curated/en/621601588770464452/Causes-and-Impacts-of-Job-Displacements-and-Public-Policy-Responses https://hdl.handle.net/10986/33720 |
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| Summary: | Across the globe, both cyclical
downturns and structural changes episodically eliminate
substantial numbers of jobs and in the process create
serious dislocations. For instance, the rise in joblessness
because of the ongoing COVID-19 crisis is projected to be
extraordinarily steep. As a response to job displacements,
governments have implemented a range of measures to
financially compensate displaced workers, assist them in
finding reemployment, or both. The challenges should not be
minimized: job losses have significant economic as well as
social and psychological consequences; laid-off workers
often lack the skills or geographic proximity to easily
transfer to sectors that are growing; and providing adequate
support can be expensive. Nonetheless, careful public policy
responses can help mitigate the costs of job displacements
and support workers in finding productive reemployment. |
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