Description
The report shows that the EU labour market remained strong in 2023 despite the economic slowdown, with historically low unemployment and 5.5 million jobs created since 2019. Third-country nationals, including Ukrainians, and seniors aged 55-64 contributed to most of this increase. According to the report, favourable labour market developments reflect improvements in matching jobseekers with vacancies.
The report notes that real wages started to increase again in 2023. Low-income households were better protected, in large part due to significant increases in statutory minimum wages that helped mitigate the impact of high inflation on the purchasing power of low-income earners. This also shows the importance of the new EU minimum wage rules that are now in place to strengthen Europe's social equity and make our economy more inclusive, regardless of age and gender. The report also shows that the opportunities for older workers to stay in employment are increasing. It notes that by 2030, there will be an additional 8.8 million workers between the ages of 55 and 68, partly due to recent pension reforms in EU Member States. While some specific groups of older workers remain underrepresented in the labour market, the report notes that they could become part of the active labour force through targeted support.
However, the report warns that low productivity, widespread labour and skills shortages and an ageing population could, in the long run, undermine the recent positive changes in the labour market and the EU's long-term competitiveness. These issues were also identified in yesterday's autumn package of the European Semester as risks to the EU's ability to compete globally and support economic growth, job creation and improved living standards.
Here is the full text of the Realtion https://op.europa.eu/it/publication-detail/-/publication/057f23e9-bdc5-11ef-91ed-01aa75ed71a1
Source and photos: European Commission - DG Employment, Social Affairs and Inclusion