"As in other major countries, the implementation of a minimum wage, defined with the necessary balance, can respond to significant social justice demands." This was stated by Ignazio Visco, governor of the Bank of Italy, whose mandate expires in November, while presenting the central bank's annual Final Considerations. "In many cases," said Visco, "fixed-term work is associated with extremely precarious conditions; the share of young people in fixed-term employment after five years remains close to 20%." And he continued by saying, "too many, not only among young people, do not have a regular job or, despite having it, do not see adequate contractual conditions recognized." Visco reports an increase, now at 30 percent, in the proportion of workers earning below 60 percent of the average annual wage of 11,600 euros. Even with a progressive increase in young people's and women's activity rates, "economic growth will not be able to count on an endogenous increase in the labor force in the next twenty years." According to Visco, only an increase in immigration can mitigate the effects of population decline in the medium term, as well as a lengthening of the working age.
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