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Yesterday I got confirmation of the Government’s decision to award millions of pounds to Birmingham and its partners to help create 7,500 jobs – especially for young people. Today, there’s fresh evidence highlighted in the New York Times, of just why its so important to keep people in work. Economist, Till von Wachter finds;
“even 15 to 20 years later, most (workers) on average had not returned to their old wage levels. He also concluded that their earnings were about 15 percent to 20 percent less than they would have been had they not been laid off.”
“One of the main reasons for the drop-offs, according to economists, is that workers who endure a layoff are more likely to be laid off again.”
Naturally the Conservative party opposed the Future Jobs Fund…