01
May's figures for unemployment and Social Security enrolment (down 117,985 and up 213,015
respectively) were in line with the forecasts of the Afi-ASEMPLEO SLM Indicator.
The growth vectors of employment in May remain the same as those seen up to now.
The Afi-ASEMPLEO SLM Indicator is still predicting that YoY growth in employment will continue to
accelerate until June.
In May, Social Security enrolment recorded its biggest
monthly increase in 10 years (213,015), taking the YoY
rise to 3.6%. It has risen by almost 600,000 over the past
12 months.
The labour market recovery is exceeding al l
expectations. After a very positive first quarter,
employment creation is accelerating again in the second
quarter of the year, as had already been anticipated by
the Afi-ASEMPLEO SLM Indicator in our previous issue.
The sector seeing the strongest growth in enrolment is
services, particularly hotels & catering. The driver is the
improvement in domestic demand, which gives rise to an
increase in the demand for services.
These enrolment figures suggest that the rise in EPA
employment in the second quarter could be substantial.
The Afi-ASEMPLEO SLM Indicator points to an
acceleration in job creation until June, when the YoY rate
is expected to reach 3.8%. If this is confirmed, the
second quarter could end with employment above the 18
million mark (up around half a million on the previous
quarter).
Job creation will accelerate until June
SLM monthly forecast of workers in employment(millions)
Source: Afi. (*)Jun 2015-Aug 2015 figures are forecasts
SLM monthly forecast of workers in employment (% YoY change)
Source: Afi. (*) Jun 2015-Aug 2015 figures are forecasts
Labour Market MonitorSpanish
Issue No. 95 June 2015|
Key points of the month
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- 2.1- 1.5 - 1.2 - 0.9 - 0.8 - 0.5 - 0.1
0.81.2 1.4 1.4 1.6
1.82.3 2.6
2.8 2.8 2.9 3.13.5 3.8 3.8 3.8 3.7
-8-7-6-5-4-3-2-1
012345
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
"Sep-13/Aug-14" "Sep-14/Aug-15 (*)"
17.217.2 17.1 17.1
16.9 16.917.0
17.317.4 17.4 17.5 17.5
17.5 17.6 17.6 17.617.4 17.4
17.5
17.918.0
18.1 18.1 18.2
16.2
16.4
16.6
16.8
17.0
17.2
17.4
17.6
17.8
18.0
18.2
18.4
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Sep-13 / Aug-14 Sep-14 / Aug-15 (*)
In May, registered unemployment and Social Security
enrolment were in line with the forecasts of the Afi-
ASEMPLEO SLM Indicator. The former fell by 117,985
(7.8% YoY) and the latter was up 213,015 (3.6% YoY)
with respect to the previous month. The trend in both
indicators continues to reflect an acceleration in
economic growth. The number of self-employed
continues to grow, but increasingly slowly in YoY terms
(2.2%). The obstacles to starting a business continue to
hinder this process. By economic sector, the growth
vectors of employment remain the same as those seen
up to now. Half the increase of the Social Security
enrolment is attributable to the good performance of
catering, retail sales, and employment and administrative
services, to a large extent reflecting the improvement in
the confidence and consumption of households.
YTD recruitment for the five first months of the year has
already reached similar levels to the whole of 2008 (more
than 7 million contracts). Although most of the increase in
recruitment is due to temporary contracts, permanent
full-time contracts continue to grow at rates of close to
10% YoY.
02
Moonlighting in the 21st century
The EPA data for the first quarter of this year show that the recovery in the incidence of moonlighting by Spanish workers is strengthening. The number of workers with two or more jobs increased by 2.8% YoY and the incidence of moonlighting workers stands at 2.2% of the total in employment. That is low, but is the half the level observed in the EU, which moreover has been growing faster, even during the crisis. When the memory of the "moonlighting" that existed in the 1960s and 1970s still persists in Spain, we might ask if this represents a return to a traditional aspect of the Spanish developmentalism of that period or something different. The current moonlighting phenomenon probably combines two factors. In the first place, the need for an adequate income. On the other hand, the ability it provides to diversify activities in pursuit of a better work-life balance and/or quality of professional life. The EPA data suggest that the second of these factors seems to be more important. Many of the recent developments in the Spanish labour market have required decisive action by the government to alleviate the disastrous consequences of the crisis. In the case of moonlighting, even if we accept that it is partly a legacy of the crisis, it appears to reflect new life styles and ways of working, as it occurs among well-qualified women (in particular) and men. If this does turn out to be the explanation, we should encourage this tendency from all angles: the demand and supply of employment, on the one hand, and the corresponding regulations, on the other.
José Antonio Herce. Associate Director, Afi
When economic activity and employment are recovering, as is the case of the
Spanish economy at present, recourse to part-time working increases, as does the
combination of two or more jobs, allowing workers to supplement their working
day and the household income. The 1Q15 data reveal that the number of part-time
workers stands at 2.84 million (16.3% of the employed), while 384,300 manage to
combine two jobs at the same time (2.2% of the total of employees). Both groups
have been growing in recent months (3.3% and 2.8% YoY respectively in 1Q15), as
a result of the faster growth in employment, but on this occasion the in-depth
analysis of the labour market will focus on the latter group of workers.
As occurs with part-time working, secondary employment is much more common
in the European Union than in Spain. While in the latter, as noted above, workers
with two jobs represent 2.2% of the total in 1Q15, in the EU-28 that proportion is
practically double. It should also be emphasized that the gap with respect to the
European average has widened during the crisis, which had a greater impact on
the Spanish labour market and increased the difficulty of finding a principal job, let
alone a secondary one.
The number in employment with two jobs is growingThe number in employment with a secondary job grew by 2.8% in 1Q15 and they represented 2.2% of the total in employment, half the EU-28 average. Women and workers with high educational levels are more likely to have two jobs and are also the groups which saw the biggest increase in this phenomenon in 1Q15. Executives and professionals in the services sector and agriculture often have two jobs, but in 1Q15 there was an increase among those in basic jobs. By regions, the proportion of workers with a secondary job was higher in those with better educational levels and lower unemployment rates.
The number in employment with a secondary job grew by 2.8% in 1Q15 and they represented 2.2% of the total in employment...
03
... half the EU-28 average.
Employed workers with a secondary job (thousands and YoY change)
Source: INE
Employed workers with a secondary job (% total employment)
Source: INE, Eurostat
Road to change
The new setting in which we find ourselves continues to present new aspects with symptoms (all positive) that only reinforce the crucial commitment of all the actors involved in the revival of the labour market.
Indeed, the labour market continues to show that, albeit at its typically modest speed, it is evolving toward a model that is much more aligned with those of our European partners.
One of these symptoms is the phenomenon of moonlighting, which has increased by almost three percent in the last year; though its share is still distant from the European average, it is another positive sign that the labour market is reviving.
Irrespective of what we might initially think about this practice, moonlighting is an option characteristic of dynamic labour markets, which offer alternatives, normally to more qualified workers seeking to complement their family incomes. Equally, moonlighting increases when unemployment is falling and is more common in places where salaries are higher.
Therefore, we are still far from being able to compare ourselves with other European labour markets that respond to the dynamic and changing needs of a labour market that has evolved, in a very short space of time, rather faster than the workers; hence, it is the workers who must adapt to this change and not vice versa.
The private employment agencies, aligned with the immediate needs of companies, are by far the most specialized actors, able to respond to workers' new and changing needs and help them to access the labour market and to progress within it.
Andreu Cruañas. President of Asempleo
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Labour Market MonitorSpanish Issue No.95 June 2015| The Specialized
Labour Market ReviewIssue No. 95 June 2015|
Afi-ASEMPLEO SLM ‘clock’
Source: Ministry of Employment and Social Security
Soc. Sec. enrolment (YoY growth %)
1992-1994 cycle 2007-2015 cycle
Reg
iste
red
unem
plo
ym
ent
(Yo
Y g
row
th %
)
The assessment of The highlight of
-10
-5
0
5
10
15
20
25
30
35
40
45
50
55
60
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6
March 92 (-0.1; -0.6)
August 94 (0.0; 1.1)May 93
(-3.9; 12.1)
March 09 (-6.5; 56.7)
June 07 (3.8; 0.3)
May 15 (3.6; -7.8)
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
15,000
16,000
17,000
18,000
19,000
20,000
21,000
M-0
8
S-0
8
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Thousands YoY change (RH axis)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
M-0
8
S-0
8
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Spain UE-28
In May, registered unemployment and Social Security
enrolment were in line with the forecasts of the Afi-
ASEMPLEO SLM Indicator. The former fell by 117,985
(7.8% YoY) and the latter was up 213,015 (3.6% YoY)
with respect to the previous month. The trend in both
indicators continues to reflect an acceleration in
economic growth. The number of self-employed
continues to grow, but increasingly slowly in YoY terms
(2.2%). The obstacles to starting a business continue to
hinder this process. By economic sector, the growth
vectors of employment remain the same as those seen
up to now. Half the increase of the Social Security
enrolment is attributable to the good performance of
catering, retail sales, and employment and administrative
services, to a large extent reflecting the improvement in
the confidence and consumption of households.
YTD recruitment for the five first months of the year has
already reached similar levels to the whole of 2008 (more
than 7 million contracts). Although most of the increase in
recruitment is due to temporary contracts, permanent
full-time contracts continue to grow at rates of close to
10% YoY.
02
Moonlighting in the 21st century
The EPA data for the first quarter of this year show that the recovery in the incidence of moonlighting by Spanish workers is strengthening. The number of workers with two or more jobs increased by 2.8% YoY and the incidence of moonlighting workers stands at 2.2% of the total in employment. That is low, but is the half the level observed in the EU, which moreover has been growing faster, even during the crisis. When the memory of the "moonlighting" that existed in the 1960s and 1970s still persists in Spain, we might ask if this represents a return to a traditional aspect of the Spanish developmentalism of that period or something different. The current moonlighting phenomenon probably combines two factors. In the first place, the need for an adequate income. On the other hand, the ability it provides to diversify activities in pursuit of a better work-life balance and/or quality of professional life. The EPA data suggest that the second of these factors seems to be more important. Many of the recent developments in the Spanish labour market have required decisive action by the government to alleviate the disastrous consequences of the crisis. In the case of moonlighting, even if we accept that it is partly a legacy of the crisis, it appears to reflect new life styles and ways of working, as it occurs among well-qualified women (in particular) and men. If this does turn out to be the explanation, we should encourage this tendency from all angles: the demand and supply of employment, on the one hand, and the corresponding regulations, on the other.
José Antonio Herce. Associate Director, Afi
When economic activity and employment are recovering, as is the case of the
Spanish economy at present, recourse to part-time working increases, as does the
combination of two or more jobs, allowing workers to supplement their working
day and the household income. The 1Q15 data reveal that the number of part-time
workers stands at 2.84 million (16.3% of the employed), while 384,300 manage to
combine two jobs at the same time (2.2% of the total of employees). Both groups
have been growing in recent months (3.3% and 2.8% YoY respectively in 1Q15), as
a result of the faster growth in employment, but on this occasion the in-depth
analysis of the labour market will focus on the latter group of workers.
As occurs with part-time working, secondary employment is much more common
in the European Union than in Spain. While in the latter, as noted above, workers
with two jobs represent 2.2% of the total in 1Q15, in the EU-28 that proportion is
practically double. It should also be emphasized that the gap with respect to the
European average has widened during the crisis, which had a greater impact on
the Spanish labour market and increased the difficulty of finding a principal job, let
alone a secondary one.
The number in employment with two jobs is growingThe number in employment with a secondary job grew by 2.8% in 1Q15 and they represented 2.2% of the total in employment, half the EU-28 average. Women and workers with high educational levels are more likely to have two jobs and are also the groups which saw the biggest increase in this phenomenon in 1Q15. Executives and professionals in the services sector and agriculture often have two jobs, but in 1Q15 there was an increase among those in basic jobs. By regions, the proportion of workers with a secondary job was higher in those with better educational levels and lower unemployment rates.
The number in employment with a secondary job grew by 2.8% in 1Q15 and they represented 2.2% of the total in employment...
03
... half the EU-28 average.
Employed workers with a secondary job (thousands and YoY change)
Source: INE
Employed workers with a secondary job (% total employment)
Source: INE, Eurostat
Road to change
The new setting in which we find ourselves continues to present new aspects with symptoms (all positive) that only reinforce the crucial commitment of all the actors involved in the revival of the labour market.
Indeed, the labour market continues to show that, albeit at its typically modest speed, it is evolving toward a model that is much more aligned with those of our European partners.
One of these symptoms is the phenomenon of moonlighting, which has increased by almost three percent in the last year; though its share is still distant from the European average, it is another positive sign that the labour market is reviving.
Irrespective of what we might initially think about this practice, moonlighting is an option characteristic of dynamic labour markets, which offer alternatives, normally to more qualified workers seeking to complement their family incomes. Equally, moonlighting increases when unemployment is falling and is more common in places where salaries are higher.
Therefore, we are still far from being able to compare ourselves with other European labour markets that respond to the dynamic and changing needs of a labour market that has evolved, in a very short space of time, rather faster than the workers; hence, it is the workers who must adapt to this change and not vice versa.
The private employment agencies, aligned with the immediate needs of companies, are by far the most specialized actors, able to respond to workers' new and changing needs and help them to access the labour market and to progress within it.
Andreu Cruañas. President of Asempleo
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Labour Market MonitorSpanish Issue No.95 June 2015| The Specialized
Labour Market ReviewIssue No. 95 June 2015|
Afi-ASEMPLEO SLM ‘clock’
Source: Ministry of Employment and Social Security
Soc. Sec. enrolment (YoY growth %)
1992-1994 cycle 2007-2015 cycle
Reg
iste
red
unem
plo
ym
ent
(Yo
Y g
row
th %
)
The assessment of The highlight of
-10
-5
0
5
10
15
20
25
30
35
40
45
50
55
60
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6
March 92 (-0.1; -0.6)
August 94 (0.0; 1.1)May 93
(-3.9; 12.1)
March 09 (-6.5; 56.7)
June 07 (3.8; 0.3)
May 15 (3.6; -7.8)
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
15,000
16,000
17,000
18,000
19,000
20,000
21,000
M-0
8
S-0
8
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Thousands YoY change (RH axis)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
M-0
8
S-0
8
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Spain UE-28
Workers with secondary jobs are more common in those regions with higher
numbers of employed workers with high educational levels and where the
unemployment rate is lower; these are clear indicators of the probability of finding a
secondary job. Navarre stands out as the region with highest proportion of
employed workers with two jobs (3.5% of the total in 1Q15), in contrast to
Extremadura and Cantabria, the regions where fewest workers are in this situation
(around 1.5% of the total in 1Q15).
However, the YoY trend indicates that the increase in those employed in two jobs
has been greatest where it is least common, meaning that its importance will
increase where it still is modest. Such is the case of Asturias and Andalusia,
regions where the workers with secondary employment increased by 60% and
40% YoY respectively in 1Q15.
The profile of the worker capable of combining two jobs is generally female and
highly educated. Women are more likely to opt for part-time jobs, and combining
various such jobs, among other advantages, allows them to attend to and care for
their families. In 1Q15, 2.6% of women had two jobs, while for men the percentage
was 1.9%.
On the other hand, a high level of education increases the probability of finding
employment and even of combining various jobs, as it is an indicator of the
worker's ability or skills. In 1Q15, the proportion of highly educated employed with
two jobs was 3.1%, while only 1.6% of the poorly qualified were able to combine
two jobs.
The increase in the number of workers with secondary jobs in recent quarters has
also occurred among the same groups: women and highly educated workers. If
this tendency is maintained over the coming months, the proportion indicated
above will continue to rise.
Women and workers with high educational levels are more likely to have two jobs...
04 05
The initial type of employment is closely related to the worker's educational level,
as a secondary job is more common among workers whose main employment is
executive or professional than among those with basic jobs (3.8% and 1.9% those
employed in these categories in 1Q15 respectively). The fact is that the abilities
acquired in these jobs can be extrapolated to other types of employment.
By economic sector, it is more habitual to have a secondary job in agriculture or
services (3.5% and 2.5% respectively of those employed in these sectors in 1Q15)
than in industry or construction (0.6% and 0.7% respectively). Again, the part-time
and temporary working associated with these activities makes this phenomenon
more frequent.
However, the trends of recent quarters are not following this pattern, as the
numbers of those with two jobs are growing fastest among workers whose main
employment is of a basic nature and who work in the industrial sector, as well as in
agriculture.
... and are also the groups which saw the biggest increase in this phenomenon in 1Q15.
Executives and professionals in the services sector and agriculture often have two jobs...
Contribution to YoY change in workers with a secondary job by gender
Source: INE
Contribution to YoY change in workers with a secondary job by educational
Source: Eurostat
... but in 1Q15 there was an increase among those in basic jobs.
By regions, the proportion of workers with a secondary job was higher in those with better educational levels and lower unemployment rates.
Employed with secondary employment , Q115
Extremadura
Spain
Andalusia
Murcia
Madrid
Castile and Leon
Castile-La Mancha
Valencia
GaliciaAsturias
Cantabria
Navarre
La Rioja
BasqueCountry
Aragon
Catalonia
Balearic Islands
Canary Islands
Annual change (%)
> 40.020.1 / 40.00.1 / 20.0-0.1 / -20.0-20.1 / -40.0> -40.0
Spanish average = 2.8
Source: INE
2.2
%
2.1
%
3.5
%
2.4
%
2.7
%
1.5
%
2.1
%
3.0
%
2.2
%
1.6
%
2.3
%
1.5
%
2.3
%
2.3
%
2.2
%
3.5
%2.4
%
2.2
%
Employed with secondaryemployment (% of total)
Contribution to YoY change in workers with a secondary job by nature of primary job
Source: Eurostat
Contribution to YoY change in workers with a secondary job by sector
Source: INE
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Labour Market ReviewThe specialized Issue No. 95 June 2015| Labour Market ReviewThe specialized Issue No. 95 June 2015|
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Men
Women
Total
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Low
Medium
High
Total
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Basic
Medium
High
Total
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Agriculture
Industry
Construction
Services
Total
Workers with secondary jobs are more common in those regions with higher
numbers of employed workers with high educational levels and where the
unemployment rate is lower; these are clear indicators of the probability of finding a
secondary job. Navarre stands out as the region with highest proportion of
employed workers with two jobs (3.5% of the total in 1Q15), in contrast to
Extremadura and Cantabria, the regions where fewest workers are in this situation
(around 1.5% of the total in 1Q15).
However, the YoY trend indicates that the increase in those employed in two jobs
has been greatest where it is least common, meaning that its importance will
increase where it still is modest. Such is the case of Asturias and Andalusia,
regions where the workers with secondary employment increased by 60% and
40% YoY respectively in 1Q15.
The profile of the worker capable of combining two jobs is generally female and
highly educated. Women are more likely to opt for part-time jobs, and combining
various such jobs, among other advantages, allows them to attend to and care for
their families. In 1Q15, 2.6% of women had two jobs, while for men the percentage
was 1.9%.
On the other hand, a high level of education increases the probability of finding
employment and even of combining various jobs, as it is an indicator of the
worker's ability or skills. In 1Q15, the proportion of highly educated employed with
two jobs was 3.1%, while only 1.6% of the poorly qualified were able to combine
two jobs.
The increase in the number of workers with secondary jobs in recent quarters has
also occurred among the same groups: women and highly educated workers. If
this tendency is maintained over the coming months, the proportion indicated
above will continue to rise.
Women and workers with high educational levels are more likely to have two jobs...
04 05
The initial type of employment is closely related to the worker's educational level,
as a secondary job is more common among workers whose main employment is
executive or professional than among those with basic jobs (3.8% and 1.9% those
employed in these categories in 1Q15 respectively). The fact is that the abilities
acquired in these jobs can be extrapolated to other types of employment.
By economic sector, it is more habitual to have a secondary job in agriculture or
services (3.5% and 2.5% respectively of those employed in these sectors in 1Q15)
than in industry or construction (0.6% and 0.7% respectively). Again, the part-time
and temporary working associated with these activities makes this phenomenon
more frequent.
However, the trends of recent quarters are not following this pattern, as the
numbers of those with two jobs are growing fastest among workers whose main
employment is of a basic nature and who work in the industrial sector, as well as in
agriculture.
... and are also the groups which saw the biggest increase in this phenomenon in 1Q15.
Executives and professionals in the services sector and agriculture often have two jobs...
Contribution to YoY change in workers with a secondary job by gender
Source: INE
Contribution to YoY change in workers with a secondary job by educational
Source: Eurostat
... but in 1Q15 there was an increase among those in basic jobs.
By regions, the proportion of workers with a secondary job was higher in those with better educational levels and lower unemployment rates.
Employed with secondary employment , Q115
Extremadura
Spain
Andalusia
Murcia
Madrid
Castile and Leon
Castile-La Mancha
Valencia
GaliciaAsturias
Cantabria
Navarre
La Rioja
BasqueCountry
Aragon
Catalonia
Balearic Islands
Canary Islands
Annual change (%)
> 40.020.1 / 40.00.1 / 20.0-0.1 / -20.0-20.1 / -40.0> -40.0
Spanish average = 2.8
Source: INE
2.2
%
2.1
%
3.5
%
2.4
%
2.7
%
1.5
%
2.1
%
3.0
%
2.2
%
1.6
%
2.3
%
1.5
%
2.3
%
2.3
%
2.2
%
3.5
%2.4
%
2.2
%
Employed with secondaryemployment (% of total)
Contribution to YoY change in workers with a secondary job by nature of primary job
Source: Eurostat
Contribution to YoY change in workers with a secondary job by sector
Source: INE
Cop
yrig
ht A
fi-A
SEM
PLEO
. All
right
s re
serv
ed. 2
015.
Cop
yrig
ht A
fi-A
SEM
PLEO
. All
right
s re
serv
ed. 2
015.
Labour Market ReviewThe specialized Issue No. 95 June 2015| Labour Market ReviewThe specialized Issue No. 95 June 2015|
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Men
Women
Total
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Low
Medium
High
Total
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Basic
Medium
High
Total
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
M-0
9
S-0
9
M-1
0
S-1
0
M-1
1
S-1
1
M-1
2
S-1
2
M-1
3
S-1
3
M-1
4
S-1
4
M-1
5
Agriculture
Industry
Construction
Services
Total