This Monday, the economist José Luis Magaña carried out an analysis on generational diversity, referring specifically to the generation of millennials and generation Z in El Salvador, labels which he stressed are quite general.
He explained that the millennial generation is the one born between 1981 and the mid-90s who lived through the transition between the analog and digital era. For its part, generation Z, which would be from the late 90’s and early 2000s, who grew up with the internet.
In this sense, Magaña indicated that it is the millennials who are taking over in the labor markets and are assuming a greater role, and generation Z is beginning to enter the labor markets.
“How the pension system works, many of the generations that we are seeing that are going to retire depends on the current market conditions, therefore, the conditions are in this process of consolidation of the millennial generation and the introduction of the Z ”said the economist.
He announced that according to data from the multipurpose household survey generated by the Central Reserve Bank’s Statistics and Census Office, 2021, reveals that there are about 2.3 million people in El Salvador who are over 18 years of age, a just under half of the country’s population. He added that about 1.4 million are doing paid work, 303,000 people are doing their studies, and 458,000 people are doing unpaid domestic work.
“We are talking about 1 in 5 people of these generations not working or studying, but because they are doing unpaid domestic and care work and so that we can see how inequality is, 1 in 3 millennial women are not in paid jobs or studying, precisely because of the overload of unpaid work”he expressed.
Likewise, she stated that despite the fact that both millennials and Z are a young generation, the data indicates that the exclusion that exists in the labor markets for women is something that is still maintained even in the new generations.
Finally, he pointed out that only 22% of the people of these generations have a job with which they can contribute to the pension system, which reveals that the conditions are not the most favorable.