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Germany to attract 400,000 overseas workers per year

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Germany’s new coalition government hopes to attract 400,000 competent foreign workers per year in order to address both a demographic imbalance and labor shortages in key industries that threaten to undermine the country’s recovery from the coronavirus pandemic.

"The shortage of skilled workers has become so serious by now that it is dramatically slowing down our economy," Christian Duerr, parliamentary leader of the co-governing Free Democrats (FDP), told business magazine WirtschaftsWoche.
"We can only get the problem of an ageing workforce under control with a modern immigration policy... We have to reach the mark of 400,000 skilled workers from abroad as quickly as possible," Duerr added

In their coalition agreement, Chancellor Olaf Scholz’ Social Democrats, Duerr’s libertarian FDP, and the environmentalist Greens agreed on measures such as a points system for specialists from outside the European Union and raising the national minimum wage to 12 euros ($13.60) per hour to make working in Germany more appealing.

According to the employer-friendly German Economic Institute, the labor force will fall by more than 300,000 people this year as more older workers retire than younger workers enter the labor force.

This gap is predicted to grow to more than 650,000 individuals by 2029, resulting in a 5-million-person shortfall in working-age persons by 2030. Despite the coronavirus pandemic, the number of employed Germans increased to about 45 million last year.

Following decades of low birth rates and unequal migration, a declining labor force threatens a demographic time bomb for Germany’s public pension system, with fewer employees burdened with the duty of supporting the pensions of an increasing number of pensioners who are living longer lives.

REFERENCE/S:
Germany wants to attract 400,000 skilled workers from abroad each year|Yahoo News

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