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Young graduates still in the hunt for jobs could make room in local labor market, even in crisis, by filling the shoes of junior people with relatively high unjustifiable salaries, according to Thomas Standring, executive director at Ernst & Young’s Human Capital division.
“In some specific sectors it is possible that junior people with relatively high salaries which have not enough experience or have not been with the company long enough to justify their salaries in the current environment, may be laid-off in favour of young graduates being employed for lesser pay”, Thomas Standring told Wall-Street.
The 250,000 young graduates have exerted an enormous pressure on labor force last year, given the installation of the economic crisis in late 2008 which eventually led to massive layoffs in economy. Moreover, a new generation of young graduates will emerge, some 150,000-200,000 which will make this pressure on labor force even more acute.
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