Companies are increasing their workforce by an average of 3%.
Companies are increasing their workforce by an average of 3%.

Portugal Labor Market Improving

Portugal Labor Market Improving

Some of the most positive labor-related figures in recent memory have been released this week. After years of strife, with many workers forced abroad in search of a job or into unemployment, it now appears that the labor market is enjoying one of its best periods.
Portugal’s unemployment rate this week slipped to below 8% for the first time in a decade, with projections that more people will find employment this spring. Job creation is also showing promise, with companies currently increasing their workforce by an average of 3%, PNA reported.
Additional data from the National Office of Statistics also indicates that not only are workers becoming increasingly in demand, but that wages are also at an all-time high.
The INE revealed that by the end of last year, the number of workers earning €3,000 ($3,575) after deductions had climbed to its highest figure on record, with 37,500 workers falling in this category.
But it is not only high-income earners who are benefitting from being handed greater monetary rewards from their bosses. The number of workers cashing pay cheques of below €600 a month is also at a new low, while the average take-home pay in Portugal has risen above inflation to €876 a month. There was also a substantial increase (18.4%) of workers taking home between €1,800 and 2,500 a month.
Jobless queues have continued to shrink, with the current rate of 7.9% finally in line with the European average. Youth employment has fallen to 21.9%, a figure last seen seven years ago, while the number of long-term jobless has been reduced by almost a third.
This news was followed by calls from the junior members of the government’s leftist alliance to cut the working week in the private sector to seven hours a day or 35 hours a week.
The Left Bloc and the Communist Party whose support of the minority Socialist government allows them to rule, have tabled a proposal to bring the working hours of workers in the private sector in line with most people employed in the civil service.
A debate on the matter has been scheduled for next Friday, though the Socialist government has expressed some reservations on pushing through such legislation.
According to calculations by the Communist Party, reducing the working week to 35 hours would effectively wipe out unemployment, with 440,000 jobs expected to be created by such a move.

Short URL : https://goo.gl/Sx9Npa
  1. https://goo.gl/7rsjXx
  • https://goo.gl/WNDYpW
  • https://goo.gl/Z2bzDs
  • https://goo.gl/ibu3UG
  • https://goo.gl/BM2sXF

You can also read ...

Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Add new comment

Read our comment policy before posting your viewpoints