Update to: Adequate Employment rises by 2%, but number of informal workers grows by 2.4%

Published: Volume 7, Issue 30

The underemployment rate in May decreased from 22.1% to 18.9%, while full employment saw a three-point increase. The unemployment rate also experienced a slight drop, reaching 3.2%.

According to the National Institute of Statistics and Censuses (INEC), underemployment closed at 18.9% in May 2023, marking a 3.2 percentage point decline compared to May 2022’s rate of 22.1%.

The National Survey of Employment, Unemployment, and Underemployment (Enemdu) reported that adequate or full employment saw a modest improvement in May, reaching 36.4% compared to 33.2% in May 2022.

Unemployment stood at 3.2%, indicating a decrease of 0.5% from May 2022 when the rate was 3.7%.

Fully employed individuals are those who earn an income equal to or greater than the basic salary and work a minimum of 40 hours per week. It’s important to note that this indicator does not measure labor formality.

Underemployed individuals, on the other hand, earn an income below the basic salary ($450) or work less than 40 hours per week while being available for additional work.

Employment of women improves

In May, the rate of adequate employment for women was 30.3%, showing a 5.1 percentage point increase compared to the previous year. However, the rate of adequate employment for men remained higher, reaching 40.6% in May.

Women also experienced a significant decrease in the underemployment rate, which stood at 15.7% in May 2023, representing a 5.1 percentage point decrease from May 2022.

In terms of income, women earned a median income of $306.8 in May 2023, while men received an average income of $398.4.