Thursday , September 29 2022

Central Bank recognizes the effect of the "migration boom" on the pay conversion



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There is no doubt about immigration prosperity in Chile, a "relevant phenomenon" for the economy. According to the publisher, who analyzes the phenomenon in a labor market study, the flow of foreigners could explain the fight in the pay shown by various indicators. In light of this, the finance minister acknowledged the implications and said "we have always said that the migrant who wants to come to co-operation, not the one who wants to commit a crime".

The Central Bank reiterated its position on the "migratory shock" and defined immigrants as subjects with more education than Chilean and has had a positive impact on employment in the country.

"The flow of immigration in recent years has been very significant, contributing to the growth of the workforce and employment," he said the labor market document that was in line with publishing; the last IpoM.

The marion entity chaired by Mario Marcel warns of the labor market constitution, although informal work has fallen and has "lower pressure" than in other countries in the region, "continues much higher than developed country standards (around 30% of the workforce, compared to the OECD average of 12%) ".

The study says that the labor market is Chile is currently characterized by high altitude and internal mobility, which has allowed it "to respond with more flexibility to the economic cycle and migratory shock over recent years, without creating major changes in unemployment ".

While it has not been possible yet to measure the measure of the impact of immigration on wages and labor forces, as employment, unlike other indicators such as investment or use, has shown a clear recovery this year, according the text. Central Bank recognizes that the influence of "migratory shock" is on wages.

Fight fighting and immigration

Central Bank recognizes the effect on salaries by stating that "methodological reform of salary surveys, as well as employment surveys, has not designed to deal with surprise population changes".

In this context, it is suggested that the migrant flow could explain the fight of a salary that shows various indicators, in the context of more labor market dynamics.

The explanation, according to the publisher, is consistent with the qualitative information collected from the Business Findings Report, where lower pay pressures are recognized due to the larger labor supply.

At the same time, because it is a shocking shock, this dynamism only means limited pressure on inflation, it's arguing.

The study also indicates the high turnover of the workforce, but it admits that there are parts of the same thing that that feature does not lead to better wages or productivity gains.

"In this dimension, economic inequality and lower potential for long-term growth appear to be an interactive factor that needs to be analyzed in detail," it warns.

The text also shows that the participation of women in the workforce has increased while young people have reduced, in line with more higher education coverage for the new generations.

According to the analysis, real wages have grown strongly for all income levels, but high pay dispersion continues to be related to differences during employment (rotation), that is, higher salaries tend to coincide with more resilient labor relations.

Felipe Larraín: "There is an increase in labor supply"

Given this situation, Finance Minister Felipe Larra, appreciated Central Bank analysis and stressed that "the labor market of Chile has been absorbing hundreds of thousands of immigrants who had even increased & # 39 ; really during the first four months of this year. "

The Secretary of State noted that there is no doubt that the previous situation influences recognition. "There is an increase in labor supply," he said.

However, Larra said that salaries grew by 1% or more in real terms. And, in terms of employment figures, it says there are calculations that indicate that if one takes other labor indicators, this "grows more than what the surveys are in it say ".

Returning to the issue of migration and focusing on the Government agenda, Larrane concluded that "he always said that the emigrant who wants to welcome come to co-operation, not the one who wants to commit to committing a crime ".

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