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With unemployment at 9.1% and nearly half of the unemployed experiencing periods of joblessness in excess of 27 weeks, the US economy risks an extended period of limited growth and long-term damage to a generation of workers. As economic indicators continue to show that the recovery has stalled, it's time to consider employment programs that can limit damage to workers during the remainder of the recovery and in the event of future recessions.
One such employment program is widely popular in Europe and even exists in a limited capacity in 20 states. Work sharing, or short-time compensation, allows firms to reduce the hours of workers rather than laying them off. The workers are then compensated for a portion of their lost wages by the state or federal government.
In a new Next Social Contract report, Shayne Henry explains how work sharing allows workers to avoid unemployment and long-term labor force detachment while giving employers the tools needed to maintain flexibility and increase the retention of valuable employees.
Read the report here. |
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