Minister of Economy and Labor Martin Kocher comments on the current economic and labor market situation in the krone.tv interview: “Unemployment has increased over the past twelve months, but at the same time there are also the most vacancies since 2019. And even if the Now unemployment rate is rising, it is still the third lowest level since 2008.”
Currently, a remarkable fifty percent of all unemployed people only have a compulsory education diploma. However, in Austria there is also a fundamental structural problem, because for some time it has been mainly baby boomers who retire, but only those with a relatively low birth rate enter the labor market. This leads to a labor shortage in many sectors. Kocher: “Internationally speaking, we have many part-time workers, but there should be even more full-time jobs.”
No tax on overtime
The minister then gave a clear impetus to taxing overtime to make longer working hours acceptable: “Currently, 18 hours of overtime are fiscally favorable. But that is too little. To create a better incentive for overtime, all overtime should be exempt from tax in the future.” The development of the average weekly working hours is also interesting: while in 2003 the average number of hours worked was 35 hours, it is currently 30 hours per week.
“There is no panic when scoring”
There is sufficient demand for workers, but well-paid sectors such as manufacturing are currently in a difficult situation. In return, wages in the service sector, for example in tourism, would rise. The number of seasonal workers would also increase in the future. In addition, the home office law would also be changed by the September elections. Kocher: “With only three months to go until the National Council elections, numerous new laws will be introduced. But there is no panic about scoring goals.”
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
