Global Journal of Human Social Science, E: Economics, Volume 21 Issue 4

only 44% of them could only find service jobs such as barista or store clerk positions that do not require post- secondary education such as pictured below: Distinguished labour under the under- employment classification includes those highly skilled workers working in low-paying jobs and casual workers desiring full-time work but are denied. In such a situation whereby the potentialities of a worker are underutilised. There is financial, mental, and physical under- employment. Financial Underemployment is when the worker is not getting equal pay from the work he is doing; mental Underemployment is when there is a mismatch between the lot a person is doing and what he studied, and physically Underemployment is when the worker is underutilised. An example of an individual with an engineering degree working as a pizza delivery man, which is his primary source of income, is considered to be underemployed and underutilised by the economy as he, in theory, can provide a more excellent beneficiary service to the overall economy if he works as an engineer. Also, an individual working in an office on a part-time job in alternative to a permanent one is counted underemployed because he is willing to provide more employment services to his total capacity, increasing the overall output of such labour. Underemployment ultimately affects the productivity of the worker and brings into the economy a low yield. The US underemployment rate was 13.7% as of 2016, and that of Nigeria, the rate is considered to be at 44%. b) Categories of Underemployment Underemployment is in three classes: i. Overqualification or overeducation; ii. Involuntary part-time work and iii. Overstaffing or hidden unemployment or camouflaged unemployment or labour hoarding. i. Overqualification Erdogan & Bauer (2009) stated that "Overqualification," or "overeducation," is a situation where workers with high education, having skill levels, or experience are engaged in jobs that do not require such high abilities. We often find a trained medical doctor with a foreign credential who works as a taxi driver under such employment. Such skilled labour is said to be exceptionally under-employed, and this type of employment is one with "Overqualification," or "overeducation," or "underemployment." We often find Ph.D. holders becoming bus conductors for want of a job to earn a daily living. ii. Involuntary Part-time work In the second connotation, Underemployment is an "Involuntary part-time" work, where workers who could and would like to be working for full-time job in the week can only find part- time work for a few hours. Involuntary part-time work is also used in regional planning to describe regions where economic activity rates are meagre because of lack of job opportunities, training opportunities, or a lack of services such as childcare and public transportation. iii. Overstaffing or Hidden Unemployment or Disguised Unemployment or Labour Hoarding In the third connotation, Underemployment refers to "Overstaffing" or "hidden unemployment" or "disguised unemployment" or "labour hoarding," where Felices (2003) stated that it is the practice in which businesses or entire economies employ workers who are not fully utilised or not currently used in producing goods or services as a result of due to legal or social restrictions or because the work is highly seasonal. The workers so employed to be on standby without working and are paid a full salary at the end of the month. As at the very time, the excess or unrequired workers were not laid off but were kept as a team of reserves with full pay without rendering any service. Underemployment is a significant cause of poverty generally; although the worker may find part- time work, payment may not meet the person's basic needs. Underemployment is, therefore, a problem, particularly in developing countries, where the unemployment rate is often relatively low. Most workers Volume XXI Issue IV Version I 54 ( E ) Global Journal of Human Social Science - Year 2021 © 2021 Global Journals Which of these Economics Jargons - Underemployment, Overemployment, Unemployment, Rightemployment, Overqualification and Overeducation is Appropriate for an Economy?