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This situation may last until the end of the first quarter of 2023 or the beginning of the second quarter of 2023.
Figures from the national statistics agency show that the labor force, the number of employed people and the average income of workers in the fourth quarter of 2022 continued to increase compared to the previous quarter and the same period last year. However, the unemployment rate, the underemployment rate among working age and the rate of informal workers increased compared to the previous quarter.
Generally, in the year, the labor force, the number of employed people and the income of workers increased while the unemployment rate, the rate of underemployed people and the informal labor rate all tend to decrease.
However, it is worth noting that the recovery of the labor market tends to slow down when the world is experiencing an economic downturn, or high inflation; worse, the textile, garment, leather and footwear industries, wood processing, and electronics saw a decrease in orders at the end of the year.
Specifically, the number of underemployed people in the fourth quarter of 2022 was about 898,200 people, an increase of 26,500 people compared to the previous quarter and a decrease of 566,000 people compared to the same period in the previous year. The underemployment rate of workers in this quarter was 1.98 percent, up 0.06 percentage points compared to the previous quarter and down 1.39 percentage points year on year. The underemployment rate of working-age workers in urban areas was lower than in rural areas with 1.57 percent and 2.22 percent respectively.
Thus, although the underemployment situation of workers decreased compared to the same period in 2021, the rate in this quarter was higher than in the previous quarter when it was not severely affected by the Covid-19 epidemic. Prior, the fourth quarter was the time when businesses and workers deploy over time, making the underemployment rate in the fourth quarter often tend to be the lowest in the year.
The average monthly income of employees in the fourth quarter of 2022 was VND6.8 million, an increase of VND95,000 compared to the previous quarter and an increase of VND1.5 million compared to the same period in 2021. The average monthly income of male employees was VND 7.8 million, an increase of VND105,000 compared to the previous quarter and VND1.6 million compared to the same period in 2021. The average monthly income of female employees was VND5.8 million, an increase of VND83,000 compared to the previous quarter and VND1.4 million compared to the same period in 2021.
