Shorter work week "could cause recession"
Cutting weekly hours for workers in Serbia would mean less production, which increases the danger of entering a recession, an economist says.
Tuesday, 10.03.2009.
10:10
Cutting weekly hours for workers in Serbia would mean less production, which increases the danger of entering a recession, an economist says. January statistics already shows a decrease in production, as well as a decrease in imports and exports. Government Economic Council member Jurij Bajec said that these are all elements that lead to recession. Shorter work week "could cause recession" “In this sense, of course, it is important to find a solution which will have an effect of solidarity, but it must entail a dose of economic reality as well, and finally, it must have some kind of effect of justice,” he believes. “If work weeks are shortened, I’m sure people will use that free time for some kind of additional activity, because, grey economy is not always evil, often there is the question for ensuring some kind of survival in that way,” he said. According to Bajec, that the idea is "not bad", but it calls for a serious analysis. “Some companies will probably begin implementing something like this, without expecting concrete solutions from the government, such as U.S. Steel, because that is one temporary way to solve the problem, but the question is how long this can last, how will it effect some issues such as years of employment and other questions,” Bajec said. “The government has presented a package of measures through banks by way of subsidized interest rates, with the promise that this will maintain the employment rate. This would be a new measure, some countries implement that and have the budget assets at their disposal.” In Serbia, on the other hand, the budget does not foresee covering the costs of shortening the work week. Unions have said that they will not accept pay cuts, while employers in Serbia believe that the workers should not be paid for days they spend at home. U.S. Steel workers in Smederevo were told yesterday that they would receive 60 percent of their regular daily wages for Fridays they are not working. This is the first company in Serbia to implement the shortened work week. Labor and Social Policies Minister Rasim Ljajic launched the initiative for the government to adopt recommendations for employers to look towards decreasing work hours instead of laying off people, but there has yet to be any announcement of when the government will debate the issue.
Shorter work week "could cause recession"
“In this sense, of course, it is important to find a solution which will have an effect of solidarity, but it must entail a dose of economic reality as well, and finally, it must have some kind of effect of justice,” he believes.“If work weeks are shortened, I’m sure people will use that free time for some kind of additional activity, because, grey economy is not always evil, often there is the question for ensuring some kind of survival in that way,” he said.
According to Bajec, that the idea is "not bad", but it calls for a serious analysis.
“Some companies will probably begin implementing something like this, without expecting concrete solutions from the government, such as U.S. Steel, because that is one temporary way to solve the problem, but the question is how long this can last, how will it effect some issues such as years of employment and other questions,” Bajec said.
“The government has presented a package of measures through banks by way of subsidized interest rates, with the promise that this will maintain the employment rate. This would be a new measure, some countries implement that and have the budget assets at their disposal.”
In Serbia, on the other hand, the budget does not foresee covering the costs of shortening the work week.
Unions have said that they will not accept pay cuts, while employers in Serbia believe that the workers should not be paid for days they spend at home.
U.S. Steel workers in Smederevo were told yesterday that they would receive 60 percent of their regular daily wages for Fridays they are not working. This is the first company in Serbia to implement the shortened work week.
Labor and Social Policies Minister Rasim Ljajić launched the initiative for the government to adopt recommendations for employers to look towards decreasing work hours instead of laying off people, but there has yet to be any announcement of when the government will debate the issue.
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