Critical Assessment Of The Impact Of Job Losses On Standard Of Living

INTRODUCTION
1.1 BACKGROUND OF STUDY
When job losses occur, people lose their means of livelihood. Dependents suffer and the stress of coping with the standard of living which the individual had acquired while at wok increases. With little or no income coming in the affected person deflects his savings and sometimes begins to borrow to keep body and soul together, while the individual is granting under this condition, credits obtained through mortgage, insurance and other household items continues to mount, the study will do and inept investigation on the current standard of living in Nigeria and how it is worsened by job losses.
Graduates job losses creates social problems of intense degree, if people are comfortable employed, the standard of living of the people will be encourage job losses ruins man’s self respect by depriving him of an honorable opportunity of earning a good living, it brings frustration to the graduates by making them feel hopeless and frustrated. Job losses lower’s ones power of concentration and his capacity or ability for normal enjoyment. It causes a lot of confusion and hazard in the families this study with go a long way to investigate the extent of graduates job losses in Nigeria and determine its effects of the it the study also bring light to some of the possible solution by of job losses, currently the Nigeria economy since the attainment of political independence in 1960 has undergo fundamental structural changes resulting to structural shifts which have however not resulted in any significance sustainable economy growth and development which will enhance job opportunities and reduce job losses in Nigeria, recently, available data shows that Nigeria economy grew relatively in the greater part in 1970’s , with respect to the oil boom of the 1970’s whose extreme profit resulted to wasteful expenditure in the public sector leading to dislocation of the employment factor and also distorted the revenue has for policy planning.

1.2 STATEMENT OF THE PROBLEM
1. In the last two decades in Nigeria, many industries have folded due to a number of reasons, such as lack of power and other infrastructural facilities.
2. Many firms groan under the increasing cost of doing business in Nigeria and this situation has resulted in capital flight as foreign firms have wound up and taking their investments to other countries.
3. The local industrial have not fared better as many also closed due to harse operating conditions, the resultant social effect is job losses which many able bodied men and women have suffered.
4. This situation has affected \people standard of living which has drastically dropped in Nigeria. The average Nigeria lives on less than two dollars a day acceding United Nations development index.
5. The purchasing power of the people has seriously dropped leaving the ware house full of inventories, how does a person has lost his job cope with the increasing cost of living in Nigeria how does he pay school fees for his children.

1.3 OBJECTIVES OF THE STUDY
1. To evaluate the extent to which people standard of living fall due to job losses.
2. To measure the extent to which peoples saving’s deplete due to job losses.
3. To examine the impact of sudden loss of income on the individual’s standard of living.
4. To evaluate the effects of mauling areas of credit on individuals social life.
5. To examine the level of support he gets from family members and society at large.

1.4 RESEARCH QUESTIONS
The following research questions will guild this study.
1. What is the relationship between the Standard of living of the individual and job losses?
2. How the previous savings of the affected individual deplete with job loss?
3. What is the impact of sudden loss of income on the individual’s standard of living?
4. How does the individual cope with mounting areas of credit after a job loss?
5. What is the institutional support programme aimed at mitigating the hardship suffered by the individual in the event of job loss?

1.5 STATEMENT OF HYPOTHESIS
The following hypotheses will guild this study.
H01: There is no significance relationship between job loss and standard of living of the affected individuals.
H02: The previous savings of the affected individual does not deplete due to job loss.
H03: The sudden loss of income does not affect individual’s standard of living.
Ho4: There is no significant relationship between individual coping with mounting areas of credit and job loss
H05: The institutional support programmes does not mitigate the hardship suffered by the individual in the event of job loss.

1.6 SIGNIFICANCE OF THE STUDY
This research work will be of help both private and public sector and also profit and nonprofit sector on how to manage their human resource and their budget planning finally this research will be at benefit to economic planners, government will also use the result of the data collected to make plans for employment and national budget. The future leader and researcher will equally derive much from the some of the suggestions and findings made here, then continue where I, the researcher stopped.

1.7 SCOPE AND LIMITATION OF THE STUDY
This research work is limited to Imo state in particular in the south-east geo-political zone in Nigeria. It was carried out from settled firms in the state both private and public to know how job losses affect the individuals living of the affected individual.
Limitation: There were lot constraints in the gathering of information for this research work, but the major constraint is as follows:
Time: In respect to the theoretical and practical work, the time allowed for this project was limited resides these was carried out with other academic assignment.
Finance and High Transportation: Due to problem of finance and high transparent I could not be able to carry my research with easy as was planned.

1.8 DEFINITION OF TERMS
The general aim of having these terms defined is to enable the reader to know the measuring of these words if by any means he/she do not know them before with regard to this research work, and a situation where reader have not come across any of them before, it intended to be immense help.
1. Small Scale Business: Oxford paper back (1979) defined it as an industry which can be carried act in the home in pre-colonial Nigeria, according to Ejifor P. It is a relative, turn, because, what is regarded as small scale business by a person means large scale business to another person. The Nigeria bank of commerce and industries (NBCI) identifies purpose of its revolving it as these investing not more than #500,000 excluding the cost of the law but including work capital. Nevertheless, the banks official definition since 1985 has been firms whose capital cost does not exceed (750,000) including working capital but excluding leads.
2. Job Loss: It is a state of been unemployed, one who has no work to regardless of his/her strength and qualification.
3. Entrepreneur: It is defined as an individual who has the ability to seed and evaluate business opportunities gathering the necessary resource to take advantage of them and initiate appropriate actions to ensure success. This could also seem as one who undertakes an enterprise example contractor, employer.
4. Entrepreneurship: Is the willingness and ability of an individual’s to indent and successfully carryout. Investment opportunities in an environment it is also the process of creating something new with value by devoting the necessary time and efforts, assuming the accompanying financial, physical and social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.
5. Youth Development: Is a process that prepares a young person to meet the challenges of adolescence and adulthood and achieve his or her full potential.