Uzair bin Farid

Pakistan’s labour force ranks among the world's top 10 largest labour forces, reports WealthPK. According to the most recent Labour Force Survey (LFS) of 2020-21 published by the Pakistan Bureau of Statistics (PBS), the total employed labour force reached 67.25 million in 2020-21 after registering an increase of more than 3 million over the 2018-19 survey. In 2018-19, the total employed labour force of Pakistan stood at 64.03 million.

The increase in the number of employed people shows that the unemployment rate in the country fell from 6.9% in 2018-19 to 6.3% in 2020-21. The decrease in the unemployment rate can be attributable to the high growth rate that was registered in the FY21 and afterwards. High growth rate means more people were needed to operate the industry and service the jobs. The age-wise disaggregation of the working population for 2020-21 stands at 41.77 million in the age group 15-24 and 31.28 million in the age group 25-34.

Labour Force and Employment Indicators (million)

The labour force saturation with young workers indicates that it is very important to create employment opportunities in line with the global trends and requirements. As more and more people enter the market every year, the quality of their education and skills does not match the needs of the industry. Therefore, soon after graduation, the youth and young graduates are required to undergo extensive reskilling so as to fit in the market.

To that end, the government has taken many initiatives, from training programs to overseas placements. For example, in 2022, the Bureau of Emigration and Overseas Employment (BE&OE) registered and sent 829,549 workers for overseas employment. Similarly, a memorandum of understanding was also signed with Azerbaijan in 2022 on manpower export. In addition, the government also issued 112 new licences to the Overseas Employment Promoters (OEPs) in Jul-Dec 2022 to the same end.

These initiatives and others like the Prime Minister’s Youth Business & Agriculture Loan Scheme are designed and directed to increase the employment chances of the youth through their reskilling and giving them loans to start new businesses and placing them in the overseas job markets. The government has already disbursed PKR6,965 million under the Prime Minister’s Youth Business & Agriculture Loan Scheme till March 2023. Moreover, overseas scholarships for students, the innovation fund, and Ba-Ikhtiyaar Naujawan (Independent Youth) Internship Program are all different initiatives to increase youth employment and the total labour force of the country.

Credit : Independent News Pakistan-WealthPk