[:en]World Bank Report: 60% of employees in Albania are informal[:] - Albanians In The World

[:en]World Bank Report: 60% of employees in Albania are informal[:]

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[:en]The informal economy continues to be high in Albania. In a report released yesterday by the World Bank, "Economic Growth and Prosperity in the Balkans", it is said that 30 to 60 percent of the country's employees are informal. The World Bank explains that the cause of high informality is the barriers that companies face in their registration and high personal income taxes. "In Albania between 30 and 60 percent of employees are informal. In Albania, major regulatory barriers may have harmed strong growth and job creation. Also, poor access to financial services limits the accumulation and use of financial assets by companies in Albania, and relatively affects companies that bring rapid employment growth. Barriers to business registration and high personal income taxes also discourage work in the formal sector, the report said. The World Bank says the participation in the workforce is 35-39 years old, an age much older than the average of 45-49 years old in European countries. The report says that early retirement pensions in Albania account for 50 percent of the total number of pensioners. "Pensions can also serve to reduce employment because they have high coverage and are often more generous than unemployment benefits and social assistance. Early retirement is still common. In Serbia and Albania, for example, about half of pensioners are under the age of 65. Expenditures for early retirement pensions in Albania account for approximately 10 percent of Gross Domestic Product, the report states. For the health sector, the World Bank says that in Albanian hospitals, 35% of staff are non-medical personnel. In this way, Albania occupies the first place in the region with the administration of hospitals without medical training. The World Bank advises that the Balkan countries, and especially Albania, should better manage spending on populations in need of the population. "The best goal would be to cut the gross costs to increase funding for the segments of society that are most in need. In countries where the state spending is high, the reductions would ease the pressure on fiscal accounts and reduce the debt" the report said.[:]

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