Artificial intelligence threatens salaries, says research – 11/28/2023 – Tech

The rapid adoption of artificial intelligence may reduce wages, but so far it is creating, not destroying, jobs, especially for young, highly skilled workers. The data was collected in research published by the ECB (European Central Bank) this Tuesday (28).

Companies have invested heavily in artificial intelligence (AI), leaving economists scrambling to understand the impact on the job market and raising fears among the general public about the future of their jobs.

At the same time, employers are struggling to find qualified workers despite a recession that would normally ease labor market pressures.

In a sample of 16 European countries, the employment share of sectors exposed to AI increased, with low- and medium-skilled jobs unaffected and high-skilled roles receiving the biggest boost, according to a research bulletin published by the ECB .

But the document also cited “neutral to slightly negative impacts” on yields and said this could increase.

“These results do not amount to an acquittal,” the document pointed out. “AI-enabled technologies continue to be developed and adopted. Most of their impact on jobs and wages — and therefore growth and equality — remains to be seen.”

The findings contrast with previous “technological waves,” according to the survey, when computerization decreased “the relative share of employment of medium-skilled workers, resulting in “polarization.”