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Home BUSINESSLow-wage work may reduce unemployment: Wahlroos
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Sun, 23 Oct, 2016 12:02:10 AM
FTimes – STT Report, Oct 23

Banking magnet Björn Wahlroos, the Chairman of the Board of Nordea on Saturday said that low-wage work is becoming necessity to create enough new jobs in the future.

Talking to national broadcaster Yle in its  Ykkösaamu (Morning breakfast) programme, Wahlroos also said that there would be enough work for all in the changing world of digitalisation and robotic automation.

According to Wahlroos, the market economy will bring a new phase to the division of labour.

''A huge amount of human labour requirements will disappear'' said Wahlroos.

He said in order to create opportunities and provide jobs in a globalised and digitalised world the most appropriate conditions must be created.

 ''This will mean that we must also accept low-wage jobs. Without it, the only alternative is unemployment,'' Wahlroos said.

He pointed out however, that care must be taken to ensure that this did not create a new type of poor society.

According to him, having a basic income would be a good solution to the problem.

The simplest model would be, according to Wahlroos, the negative income tax model.

This would mean that if earnings were less than an agreed limit, the state would provide support.

Similarly, if income increased above a certain threshold, that the state would enforce taxation.

 

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