Employment: Growth, Informalisation and Other Issues Class 12 Handwritten Notes PDFs Download CBSE Economics Chapter 7

I. Introduction

   A. Employment is crucial for economic growth as it drives consumption, productivity, and overall social well-being.

   B. The outline discusses key issues related to employment, including growth, informalization, and other challenges that impact the labor market.

II. Employment Growth

   A. Employment growth refers to the increase in the number of jobs available in an economy.

   B. Factors influencing employment growth include economic factors such as GDP growth, investments, and technological advancements.

   C. Demographic factors like population growth and labor force participation rate also play a role.

   D. Government policies and initiatives aimed at promoting job creation can significantly impact employment growth.

III. Informalization of Employment

   A. Informal employment refers to work arrangements that lack legal protection, social security benefits, and employment contracts.

   B. Causes of informalization include structural factors (limited formal job opportunities), labor market factors (flexibility and cost advantages for employers), and socio-economic factors (poverty, inequality, and rural-urban migration).

   C. Informalization has negative impacts, such as the absence of social protection for workers, low wages, poor working conditions, and job insecurity, which hinder productivity and economic growth.

IV. Unemployment and Underemployment

   A. Unemployment refers to the state of being jobless and actively seeking employment.

   B. Causes of unemployment include cyclical factors (economic downturns), structural factors (skill mismatch), and policy-related factors (labor market regulations).

   C. Unemployment leads to lost income, reduced living standards, social unrest, inequality, and negative effects on overall economic growth.

   D. Policy responses to address unemployment include measures like job creation programs, skill development initiatives, and entrepreneurship promotion.

V. Other Employment Issues

   A. Skills gap and mismatch occur when there is a disparity between job requirements and the skills possessed by the workforce.

   B. Gender disparities in employment include wage gaps and occupational segregation, where certain sectors or roles are dominated by one gender.

   C. Youth unemployment highlights the challenges faced by young job seekers, such as lack of experience and limited opportunities.

   D. Automation and technological advancements impact employment opportunities by replacing some jobs and creating new ones.

   E. Balancing labor market flexibility with worker protections and rights is an ongoing challenge for policymakers.

VI. Government Initiatives and Policy Responses

   A. Governments implement employment generation programs and policies to stimulate job creation.

   B. Skill development and vocational training initiatives aim to equip individuals with the necessary skills for employment.

   C. Policies promoting formalization of informal employment seek to provide legal protection and social security benefits to workers.

   D. Gender mainstreaming and affirmative action policies address gender disparities in employment.

   E. Strategies to address the impact of automation on jobs include reskilling and upskilling programs.

VII. Conclusion

   A. Recap of key points discussed, highlighting the complex nature of employment issues.

   B. Emphasizing the need for comprehensive approaches involving multiple stakeholders to effectively tackle employment challenges.

   C. Importance of creating inclusive, decent, and sustainable employment opportunities for overall development and well-being of individuals and societies.

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