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Essay / Overview of labor market in Pakistan
Table of contentsIntroductionLiterature reviewEducation level of workforceSocial protection in service sectorConclusionIntroductionDue to lack of higher education, non-existence of a system well-designed and integrated vocational training, lack of collaboration between industry and higher education institutions, lack of effective and coherent social protection and inaccessibility to education, the labor market in Pakistan enters the market with insufficient general skills and specific skills for the company or sector. From a broader perspective, low levels of education and enrollment in education and vocational training institutions have led to skills gaps and skills shortages in the labor market. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayLiterature reviewIn the 1960s, Pakistan was an agricultural economy that did not require a labor force for a long time highly qualified. Due to urbanization, lack of appropriate technologies and ineffective agricultural development policies, the economy has shifted towards the service sector as the main contributor to GDP. Agriculture, industry and the service sector are the three main sectors of the economy. Contribution to GDP from 1960 to 2015 Skill level of workforce: Agricultural sectors remain the largest employer of labor with a contribution of 43.48%, 14.16% in the manufacturing sector and 14.58% in wholesale and retail trade (service sector). In the formal sector, only 1.66% of the workforce is employed as highly skilled managers, 4.55% as professionals, and 2.79% as technical and associate professionals. 85.55% of these executives and professionals contribute to the service sector economy. Education Level of Workforce In Pakistan 59.99% of the population is literate and 40.01% of the population is illiterate. Literacy is defined as a person's ability to read and understand newspaper text and the ability to solve basic addition or substations. Among the literate population (40.01%), only 5.02% of people have a higher education degree in the fields of engineering, medicine, law, science, etc. We can say that only 5.02% of the literate population has a high level of education. SKILLS. It has been observed that the labor market does not have the skills (what skills) necessary for economic development. Current employment and economic development opportunities in Pakistan require an increased level of knowledge and a highly skilled workforce. To begin with, the standard of education is low in Pakistan and educational institutions are failing to play their primary role of developing individual knowledge-based skills and preparing students for a rapidly changing world (Punjab) . Social protection in the service sector Social protection policies in Pakistan are mainly aimed at the formal sector and only in cases of permanent illness, work-related accidents, retirement and maternity leave. Pension law: Public sector employees benefit from certain benefits in the form of a lump sum as well as pensions when they retire. Federal Employees' Benevolent Fund and Group Insurance Act: Under this law, public sector employees or their families receive cash benefits in the event of death, the.