Employment
The social security system, which expanded rapidly during the prosperous 1950s and 1960s, includes a medical system, unemployment insurance coverage, child allowances, invalid benefits, and other benefits and pensions. With the onset of a recession in the 1970s, this system became an increasing burden on the economy and accounted for much of the government budget deficits. The national unemployment figures mask considerable differences between Flanders and Wallonia. Unemployment in Wallonia is mainly structural, while in Flanders it is cyclical. Flanders' unemployment levels are generally only about half those of Wallonia. The southern region continues a difficult transition out of sunset industries (mainly coal and steel), while sunrise industries (chemicals, high-tech, and services) dominate in Flanders.
Belgium's unemployment rate was 6.5% in 2008. A total of 4.99 million people make up Belgium's labor force. The majority of these people (73%) work in the service sector. Belgian industry claims 25% of the labor force and agriculture only 2%. As in other industrialized nations, pension and other social entitlement programs have become a major concern as the baby boom generation approaches retirement.
Read more about this topic: Economy Of Belgium
Famous quotes containing the word employment:
“We may seem great in an employment below our worth, but we very often look little in one that is too big for us.”
—François, Duc De La Rochefoucauld (16131680)
“It is the business of the wealthy man
To give employment to the artisan.”
—Hilaire Belloc (18701953)
“What exercise is to the body, employment is to the mind and morals.”
—Henry David Thoreau (18171862)