Explain five benefits that may accrue to a country with a large proportion of skilled labour force.

Explain five benefits that may accrue to a country with a large proportion of skilled labour force.

Benefits that may accrue to a country with a large proportion of skilled labour force Include :

1. Saving on foreign exchange that would have been used to pay expartriates/imported labour.
2. Production of high quality goods/services as the workers are experts in their respective areas.
3. Increased output of goods/services as the workers are competent due to exploitation of resources.
4. Reduction in cost of production since the labour tends to be efficient/less wasteful.
5. Increase in purchasing power/demand due to higher incomes/salaries earned.
6. Reduction in dependency ratio since the employment rate is higher.
7. Enhances creativity/innovation/research leading to new/improved/variety of goods? services.
8. Promotes specialization/division of labour leading to faster production.
9. Easen/simplify setting of wage/employment policy due to abundance/availability of skilled labour/may reduce labour stife/unrest.
10. Increased government revenue due to income taxes levied.
11. Increased foreign exchange due to export of skilled labour.
12. Enhances entrepreneurial culture since skilled labour is more willing to undertake risks.
13. Adaptability/flexibility as they are ready to embrace changes

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