Look for work? Go to Uruguay

If you need quality work go to Uruguay, Chile or Panama, the countries of Latin America that occupy the first places in the Index of Best Jobs that Inter-American Development Bank (IDB) published on Tuesday.

In the fourth position is Argentina, followed by Costa Rica, Brazil, Ecuador, Paraguay, Colombia, Bolivia, Dominican Republic, Peru, Mexico, Nicaragua, El Salvador, Honduras and Guatemala.

The IDB explained that the index measures the state of employment in the countries “by two criteria’s  (quantity and quality), each consisting of two indicators. The quantity captures how many people want to work (labor participation) and how many actually do it (occupation). The quality measure measures how much of the work that is generated in the countries is in social security (formality) and how many workers receive salaries that are sufficient to overcome poverty (sufficient salary) “.

“Each indicator and dimension has the same weight within the index and is measured in relation to the working-age population (excluding those who study full-time),” he added.

The level of Uruguay in the index is higher than the regional average in the areas of quality and quantity. In terms of quantity, the country obtains more points both in the labor participation rate (83.5 versus 77) and in the employment rate (77 versus 71.3). In the quality area, it obtains the first position both in the labor formality rate (59.7 versus 33.5) and in the indicator of jobs with enough salary to overcome poverty (67.4 versus 46.7).

Chile, on the other hand, is better than the regional average in the two indicators: the country obtains more points both in the formality rate (49.8 versus 33.5 points) and in the salary rate sufficient to overcome poverty (63.2 vs. 46.7 points). In terms of quantity, this country is very close to the average of the region in both indicators, both in the participation rate (76.3 versus 77) and in the occupation rate (70.5 versus 71.3).

As for Panama, the indicators relating to the quantity dimension obtain more points both in the participation rate (79.2 versus 77) and in the occupation rate (74.9 versus 71.3). In terms of quality, Panama obtains the fifth position in the labor formality rate (40.8 versus 33.5) and the fourth position in the indicator of jobs with sufficient salary to overcome poverty (60.3 versus 46.7).

This is the first time, according to the IDB, that the region has a tool to compare the working conditions of 17 Latin American countries and with which that entity seeks to contribute to the analysis of Latin American labor markets.

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