No Evidence Retirees Returning to Work Deprive Others of Employment – Joe IssaA Story by Sally ShivFamed St. Ann businessman and civic leader Joe Issa, who champions an enabling environment for positive youth engagement both in the workplace and the wider society, says he does not see any evidenceFamed
St. Ann businessman and civic leader Joe Issa, who champions an enabling
environment for positive youth engagement both in the workplace and the wider
society, says he does not see any evidence that retirees who return to work are
depriving others especially young people of employment " a phenomenon known by
economists as the “lump of labour”. While this issue is not currently being highlighted in the local media, a former university lecturer is raising the issue in St. Lucia, pointing out that “whether or not this idea is considered a fallacy by many economists today, the fact remains it has been widely discussed in academic circles, albeit without final resolution.”
“I really
don’t think it’s a big issue in Jamaica,” said Issa when asked in a recent
interview, adding that “there is no evidence that retirees who return to work are
taking jobs away from other people, especially the youth, who make up half the
population and most of the unemployed.”
Issa
argues that far from having long term consequences for the economy, the return
of retirees to the labour force could very well mean the difference between
thousands of young people dropping out of school, and continuing or even
pursuing further education.
“It
could also mean the difference between enabling the family to continue living
the lifestyle they have become accustomed to, and all of a certain not being
able to live it,” says Issa, who promotes healthy lifestyle among the youth
through sport.
As
head of the Cool Group of companies located in Ocho Rios, Issa contends that
“in reality, most retirees who return to the workplace could not have been
easily replaced by their young sons and daughters or anyone else for that
matter, either because of sex, age or lack of knowledge and expertise in the
field, and that can apply to even university graduates as well.”
Issa
says the majority of retirees in Jamaica are former public and private sector
workers most of whom did not retire at the executive level, but would still
have acquired certain skills that can’t be found in rookies, and most
institutions and companies in particular can’t afford to disrupt production to
accommodate what is otherwise a worthy act of giving priority to young people
or giving others a bread.”
“Firms
in particular have their own realities that are reflected in the main reason
for their formation, which is to make money for shareholders and this cannot be
compromised.” he says.
Issa
notes, however, that within their social responsibility programme many firms
run training programmes for young people and then employ them or find them
employment afterwards. In many cases too, companies employ young people to
understudy those who are retiring or being promoted; in other cases they take
on students to give them work experience particularly during the summer. He posits that “all of these interactions by both private and public sector institutions and their impact have not been put into data; neither has the evidence that retirees who return to work are taking jobs from young people and others and that this is bad for the country.”
Pointing
to the reality of a shrinking Jamaican population that is ageing rapidly, Issa
says the only implications for the economy of an ageing population is in terms
of increased welfare medical costs since a high percentage of the elderly
suffer from chronic diseases; otherwise most of them own their homes and are
financially independent. This is consistent with a survey which found that over
70 per cent of the elderly own their homes, and most report being financially
independent.
© 2017 Sally Shiv |
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Added on April 23, 2017 Last Updated on April 23, 2017 Tags: joe Issa, Joe Issa Jamaica, Joseph Issa, Joseph Issa Jamaica, Joey Issa, Joey Issa Jamaica, Jamaica, Employment Author
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