Key Highlights
Highly notably, Austria reports that the number of applications approved for the Red-White-Red Card surpassed 3,200 highs in the first quarter of 2024. This figure shows that Austria continues to improve efforts to bring in skilled workers from every corner of the world, with a 35% increase compared to the first quarter of 2023.
The Red-White-Red Card: What Is It?
A Red-White-Red Card is granted for dual residency and employment in Austria. It gives its holder the ability to live in Austria for two years. It has long been the most crucial component in supplying Austria with skilled workers and conveniently integrating foreigners into the Austrian job market.
An Unprecedented First Quarter
Important Points
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3,200 applications were granted which is a whopping 35% growth compared to last year.
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However, these numbers also reflect the growth potential. According to Martin Kocher (ÖVP), Austria’s labour minister, the new count might reach 10,000 by the end of 2024.
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The economic impact of this number lies in the fact that the economy is seeing a substantial improvement as more competent workers are introduced to the Austrian market, and the issue of labour shortages dwindles.
Federal Provinces
An overview of unemployment numbers and the Austrian region's economic situation must be provided to understand the broader picture.
|
Federal Province |
Unemployed Total |
Unemployed Men |
Unemployed Women |
Unemployment Rate Total (%) |
Unemployment Rate Men (%) |
Unemployment Rate Women (%) |
|
Austria |
240,900 |
133,200 |
107,600 |
5.1 |
5.3 |
4.9 |
|
Burgenland |
7,700 |
4,000 |
3,700 |
5.2 |
5.1 |
5.3 |
|
Carinthia |
12,400 |
7,000 |
5,400 |
4.5 |
4.8 |
4.2 |
|
Lower Austria |
37,700 |
19,500 |
18,200 |
4.3 |
4.2 |
4.4 |
|
Upper Austria |
28,100 |
16,000 |
12,100 |
3.5 |
3.7 |
3.2 |
|
Salzburg |
9,000 |
4,400 |
4,600 |
3.0 |
2.8 |
3.2 |
|
Styria |
27,900 |
15,900 |
11,900 |
4.3 |
4.6 |
3.9 |
|
Tyrol |
12,700 |
6,600 |
6,100 |
3.1 |
3.1 |
3.1 |
|
Vorarlberg |
7,300 |
3,800 |
3,500 |
3.4 |
3.3 |
3.5 |
|
Vienna |
98,000 |
56,000 |
42,000 |
9.6 |
10.3 |
8.8 |
Motivating Factors for the Increase
The increase in Red-White-Red Card applications can be attributed to many factors:
1. Revisions in the Policy
The new revisions that were introduced on October 1, 2022, in order to expedite and simplify the process, have made the application procedure much faster and easier.
2. Economic Needs
There is a severe scarcity of trained labour in the Austrian economy, especially in technology and healthcare.
3. Strategic initiatives
The result of several changes in immigration and incentives has been the increase in applications, as is evident, and success in luring talent from around the globe.
Prospects for the Future
According to the prediction by Minister Kocher, the trend is going to continue upward, favouring the situation until it reaches 10,000 by the end of 2024. The influx of qualified workers will no doubt decrease some very acute labour shortages and contribute to the economic expansion of Austria.
Effects on the Economy of Austria
The following are probably going to be the effects of the increase in approvals of Red-White-Red Cards:
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Economic growth due to increased productivity and innovation
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Stability in the labour market
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Cultural diversity enriches society
Conclusion
The turning point in this would be the successful approval of 3,200 Red-White-Red Card applications in the first quarter of 2024 by the immigration policy of Austria. The country has shown purposeful attempts to attract talent worldwide. At the same time, it reflects the key role played by immigrant talent in incubating innovation and economic success. In light of forecasts, Austria continues to develop to become one of the favourite destinations for highly qualified workers globally.
To learn more about the Red-White-Red Card application and if you want to apply for this card, then Terratern is the one partner that you can turn to help you with this application easily!
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