ECB thinks Ukrainian refugees can ease pressure on labor market

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The European Central Bank (ECB) expects the European workforce to grow by 300,000 to 1.3 million due to the Ukrainian refugee crisis. Ukrainians, on the run because of the Russian invasion, could thus ease tensions on the European labor market, writes the ECB on Monday.

Not only the Netherlands, but also the rest of the Eurozone is struggling with a tight (or tight) labor market. This means that there are relatively few unemployed compared to the number of jobs available.

Ukrainian refugees can ease this pressure on the labor market, writes the ECB. The euro area labor force could grow by 0.2-0.8% in the medium term due to the refugee crisis. This equates to an additional 300,000 to 1.3 million people. The ECB emphasizes that this is a “calculation on a coaster”, therefore an approximate estimate.

Around 62,000 Ukrainians are now registered in the Netherlands, of whom 13,200 (around 20%) are working. Normally, refugees are only allowed to start working after six months, but thanks to an intervention from Brussels, employers do not have to provide additional administration if they want to hire a Ukrainian. This allows Ukrainian refugees to find work more quickly in the Netherlands.

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