The usefulness of vocational education and training (VET) is widely recognized. For example, VET is anticipated to be crucial in the following:
reducing the rate of early school leavers from education to less than 10%;
increasing the share of 30–40-year-olds having completed tertiary or equivalent education to a minimum of 40%.
Whether a school gives enough importance to vocational training is an excellent point to consider while searching for the best high school. This will be especially useful while seeking Class 10 admission 2023.
When we compare the labor market payoffs accruing to vocational and academic education, we find that:
Vocational education is linked to slightly lower hourly wages.
A greater chance of being currently employed.
And a more significant proportion of the whole working life is spent in a paid job.
The estimated differences are minor: for earnings, the negative gap ranges between −1.3% for males and −4.8% for females. Regarding the probability of employment and the share of time spent in paid work, the estimated positive gaps are 2.2 and 3.3% for males and 1.9 and 0.6% for females.
When examining higher education, the disparity between academic and vocational education is significantly more pronounced (ISCED 5). The wage discrepancy between academic and vocational education is as significant as -19% for men and -21.7% for women at the interview.
There is also a small negative gap in the probability of employment. This gap should, however, be contrasted with the positive gap in the share of the working life spent in paid jobs, estimated at 6.9% points in the case of males and 3.7% in females.
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