Michael Wood, the New Zealand Immigration Minister, in a recent statement announced a revision of certain immigration rules to tackle the labour shortage in the country. The revision along with a working holiday scheme is expected to lure over 12,000 international workers to New Zealand in the next year.
The country is facing a severe workforce shortage and has planned various schemes to tackle the phenomenon. The measures taken to lure international workers are part of these schemes.
To welcome more international workers, wage rules for skilled migrants have been relaxed in specific sectors, such as care of the aged citizens, construction and infrastructure, meat processing, seafood, and adventure tourism. Additionally, visas for onshore working holiday makers are also being extended to prolong their stay.
Wood stated that workforce shortage is an ongoing global event, spread across varying sectors and skill levels, and New Zealand is not the only country facing it. As the demand for labour rises around the world and in New Zealand, inflation is also rising due to the demand and supply gap.
The Reserve Bank of New Zealand recently increased interest rates, the highest since September 2015, to combat inflation. The official cash rate was increased by 50 basis points to 3.0 last week.
However, the unemployment rate in New Zealand was 3.3% in the second quarter of 2022, even as wages increased by 3.4%, the highest in the year.
These steps are expected to relieve businesses hard hit by a global labour shortage and also reign in the steep rise of inflation rates in New Zealand.
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