In an interview with Kunle Aderinokun and Gboyega Akinsanmi, Omoigui-Okauru, who was the executive chairman of Federal Inland Revenue Service FIRSspeaks on the motive behind the fund, its impact on the lives of the people, issues and challenges as well as projections and aspiration Lagos State Employment Trust Fund has been operating for almost three years. What inspired the establishment of the Fund?
The Effects of Unemployment on Society and the Economy Ads By Google Unemployment means being out of job or a situation where the individual is wiling to work but has none. How does unemployment affect the economy? Some of the well-known effects of unemployment on the economy are: Unemployment financial costs The government and the nation suffer.
In many countries the government has to pay the unemployed some benefits.
The greater the number of the unemployed or the longer they are without work the more money the government has to shell out. Therefore, the nation not only has to deal with the lost income and decreased production but also with additional cost. Reduced spending power of the employed Increased taxes and the insecurity about their own work may affect the spending power of the working people as well and they too may start to spend less than before thus affecting the economy and also the society in a negative manner.
Recession With the increase rates of unemployment other economy factors are significantly affected, such as: All these affect not just the economy but the entire systems and the society in general. Here are some aspects of the impact of unemployment on our society: Unemployment brings with it despair, unhappiness and anguish.
It forces people to live their lives in a way they do not wish to — The life expectancy is negatively affected. Here are the main aspects: Mental health problems like: Law self-confidence, feeling unworthy, depression and hopelessness.
With the lost income and the frustration involved in it, the recently unemployed may develop negative attitudes toward common things in life and may feel that all sense of purpose is lost. Frequent emotions could be — low self-esteem, inadequateness and feeling dejected and hopeless.
The unemployment overall tension can increase dramatically general health issues of individuals. Quarrels and arguments at home front which may lead to tension and increased numbers of divorces etc.
Loss of trust in administration and the government which may lead to political instability Tension over taxes rise: Unemployment also brings up discontent and frustration amongst the tax paying citizens. In order to meet the demands of the unemployment fund the government many a times may have to increase the taxes thus giving way to restlessness amongst the tax paying citizens.
The prevailing unemployment and the plight of the unemployed people and their families may create fear and insecurity even in the currently employed people.
Increase in the rate of crime.
Increase in the rate of suicide attempts and actual suicides as well. Unemployment may bring a decrease in social outings and interactions with other people, including friends.
It also brings with it the disgrace that the person has to bear. Nobody likes to be termed as unemployed.The effects of unemployment are both personal and national - personal when savings are depleted while looking for a position and national when the total spending level in the economy is impacted.
Do drug abuse, unemployment rate and abortion rate affect the crime rate in the United States? Do a multiple regression and a scatter graph with a line fit, and analyze its .
All these affect not just the economy but the entire systems and the society in general. Here are some aspects of the impact of unemployment on our society: The effect of unemployment on our society. Unemployment affects not just the person himself but also his/her family . 2 days ago · This figure, the so-called r*, is the interest rate that takes hold when the economy is growing at its potential with inflation stable at 2% and unemployment at its . Unemployment in an economy has many impacts on the government, firms and, of course, the unemployed people themselves. On the government: Fewer tax revenues – Because fewer people are working, there will be fewer people earning enough income to pay tax.
Its protracted double-digit relative labor surplus puts it in the ranks of the highest-unemployment economies through By , based on the year GDP and labor-productivity growth-rate assumptions, it will be the highest-unemployment economy with the greatest surplus ( percent).
2 days ago · At the same time, underemployment, which, according to Bell and Blanchflower, has “replaced unemployment as the main indicator of labor market slack,” is rarely discussed and unreliably measured.
The costs of unemployment to the individual are not hard to imagine. When a person loses his or her job, there is often an immediate impact to that person's standard of living.
The effects of unemployment on the economy Economists call unemployment a lagging indicator of the economy, as the economy usually improves before the unemployment rate starts to rise again.
However, unemployment causes a sort of ripple effect across the economy.