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labor force |
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In China today, foreign-funded companies employ a mere 3 percent of the labor force (24 million workers) but produce 55 percent of China's exports, 80 percent of export growth, 22 percent of China's GDP, and 41 percent of GDP growth. Keeping older adults in the labor force longer retains the tax base of contributors into Social Security as well as allowing those who want to stay in the labor force more choice. ``Over the long term, this trend portends a downward spiral for the regional economy as the low-wage labor force continues to grow, the costs of informal employment are shifted to other segments of society, and the social safety net becomes more precarious,'' the report says. |
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labor force - the source of trained people from which workers can be hired