In a nutshell
- Labor laws aim to protect workers and increase labor market efficiency.
- However, over-protective labor regulations may result in higher informality and unemployment, as well as in hurting outsiders (usually women and young workers).
- A balanced approach between flexibility in the labor market and security of workers is needed.
- Reforming social protection schemes and the introduction of unemployment insurance would protect workers rather than jobs and lead to more efficient labor markets.
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