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Employment is expected to grow by 23,000 while unemployment will average 5% - Leaving Cert Home Economics - Question 3(b) - 2005
Question 3(b)
Employment is expected to grow by 23,000 while unemployment will average 5%. (Budget 2004) (i) Name and give details of one state initiative that encourages foreign... show full transcript
Worked Solution & Example Answer:Employment is expected to grow by 23,000 while unemployment will average 5% - Leaving Cert Home Economics - Question 3(b) - 2005
Step 1
Name and give details of one state initiative that encourages foreign investment thus creating employment.
Answer
State Initiative: Export Profit Tax Relief Scheme
The Export Profit Tax Relief Scheme is an initiative designed to promote foreign investment by allowing all export profits to be tax-free. This scheme incentivizes businesses to export goods and thus supports job creation within the country by attracting foreign companies looking to invest in local markets.
Details include:
- Objective: To stimulate export-driven economic growth.
- Eligibility: Applies to all companies engaged in exporting goods.
- Impact: This initiative not only enhances the competitive edge of local businesses but also fosters an environment that encourages foreign companies to establish operations within the country, ultimately leading to job creation and economic development.
Step 2
Discuss the impact of developing technology on work and employment.
Answer
The impact of developing technology on work and employment is multifaceted.
- Elimination of Repetitive Tasks: Technology automates routine processes, increasing efficiency and reducing the need for manual labor in repetitive tasks.
- Increased Skill Demands: As technology evolves, a more educated workforce is required. This increases the demand for higher education and technical training.
- Work Flexibility: Remote working has become more viable, allowing employees to work from home and promoting a better work-life balance.
- Decrease in Traditional Jobs: Automation and advancements in technology can lead to a decline in certain job sectors, particularly in primary and secondary industries.
- Growth in Service Sector: Conversely, there’s a rise in jobs within the service industry, as businesses seek to improve customer experiences through technology.
Overall, while developing technology can lead to job displacement, it also creates new opportunities and a more dynamic employment landscape.