The topics of unemployment, underemployment, wage trends and
patterns, and the relationship between poverty and the labour
market are of interest to all policy makers, researchers, academics
and journalists concerned with economic development. This book
traces the evolution of the Indonesian labour market between the
early 1970s and late 2000s. This entails a (a) review of
macroeconomic policies and their employment impact; (b) review of
unemployment and underemployment trends; (c) review of wage trends
and living standards; (d) relationship between poverty, inequality
and the labour market; and (e) labour market regulations,
employment and the business environment.
The book comes up with a number of policy-relevant findings.
Macroeconomic policies, particularly inflation targeting in the
2000-2007 period, have not been conducive to employment generation.
The assumption that unemployment is an appropriate indicator of
labour market performance and, more importantly, that it is closely
aligned with poverty, is shown to be inaccurate. Sustained real
wage growth in the twenty-year period before the 1997 financial
crisis is contrasted with the lack of improvement since then, a
period otherwise of respectable economic growth by international
standards. The predicted adverse consequences of sweeping labour
market regulations in 2000-2007 on properly measured employment,
unemployment and labour costs did not materialize, mainly because
of low compliance. It seems that a restrictive macroeconomic
framework has been more constraining for employment growth than the
perceived labour market rigidity during the post-crisis period. The
book concludes with an evaluation of several 'reactive' and
'proactive' labour market policies. Though these are complementary,
policy makers in Indonesia have probably put too much emphasis on
reactive policies such minimum wage and severance pay, and not
enough on proactive policies aimed at creating an adaptable and
skilled workforce.
General
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