what are the consequences of um employment
Answers
Answer:
The personal and social costs of unemployment include severe financial hardship and poverty, debt, homelessness and housing stress, family tensions and breakdown, boredom, alienation, shame and stigma, increased social isolation, crime, erosion of confidence and self-esteem, the atrophying of work skills and ill-health
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Explanation:
The problem of unemployment gives rise to the problem of poverty.
The government suffers extra borrowing burden because unemployment causes a decrease in the production and less consumption of goods and services by the people.
Unemployed persons can easily be enticed by antisocial elements. This makes them lose faith in the democratic values of the country.
People unemployed for a long time may indulge in illegal and wrong activities for earning money which increases crime in the country.
Unemployment affects the economy of the country as the workforce that could have been gainfully employed to generate resources actually gets dependent on the remaining working population, thus escalating socio-economic costs for the state. For instance, a 1 % increase in unemployment reduces the GDP by 2 %.
It is often seen that unemployed people end up getting addicted to drugs and alcohol or attempts suicide, leading losses to the human resources of the country