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Summary of "Returns to Education in Heterogeneous Labour Markets: The Case of Peru"

Core Content

This paper investigates the private returns to education in the context of heterogeneous labour markets, using Peru as a case study. The authors focus on how returns to education vary across different types of employment and sectors, emphasizing the role of labour demand structure in shaping these returns.

The study uses nationally representative household survey data from 2016, 2019, and 2022 provided by the National Institute of Statistics (INEI). The data is analyzed through Mincerian earnings equations with Heckman selection correction to account for potential selection bias in the labour market.

Key Findings

Overall Returns to Education

• Positive returns to education are confirmed overall, especially at the tertiary level.
• The average return to education is around 10% per additional year, consistent with global trends.
• Higher returns are observed for primary and secondary education in the informal and own-account sectors.
• Tertiary education yields higher returns in formal employment, suggesting a mismatch between education levels and job opportunities in the informal economy.
• Own-account workers with tertiary education have comparable returns to salaried workers, indicating potential for skill transferability.

Sectoral and Employment Status Differences

• Formal employment provides higher earnings than informal employment at all education levels.
• Informal workers face lower returns to education, particularly at higher levels.
• Earnings differentials between formal and informal sectors are significant, with formal workers earning 28.3 soles/hour compared to 19.4 soles/hour in the informal sector in 2022.
• Informal employment has increased over the period, reaching 68.7% in 2022, while formal employment increased from 20% to 24%.
• Primary education is still widespread, especially in the informal sector, where it accounts for over 30% of the workforce.
• Tertiary education is becoming more common, with 46.03% of the workforce having upper secondary education and 14.82% with bachelor’s or higher degrees by 2022.

Regional and Demographic Heterogeneity

• Urban areas dominate the workforce, with 82.94% of workers residing in urban regions in 2022.
• Lima Metropolitan Area accounts for 34% of total employment, indicating regional disparities in job opportunities.
• Gender plays a role, with women experiencing marginally higher returns at the tertiary level.
• Marital status and age are also considered as control variables in the analysis.

Main Views

• Education is a key driver of individual earnings and economic growth, but its returns are not uniform across the labour market.
• Structural features of the labour market, such as employment status and sectoral informality, significantly affect the returns to education.
• Heterogeneous demand for skills implies that increasing educational attainment alone is not enough to improve overall productivity and earnings.
• Targeted policies are necessary to expand formal employment, enhance school-to-work transitions, and increase earning potential for workers in informal and own-account roles.

Key Information

• Data Source: INEI-ENAHO household surveys (2016, 2019, 2022), harmonized by the ILO Department of Statistics.
• Methodology: Mincerian earnings equations with Heckman selection correction to address non-random labour market participation.
• Education Levels: Grouped into five categories: primary or less, lower secondary, upper secondary, post-secondary non-tertiary, and bachelor or higher.
• Informality Definition: Based on the ILO definition, referring to economic units not formally recognized by government authorities.
• Earnings Premiums:
  • Primary and secondary education show higher returns in the informal and own-account sectors.
  • Post-secondary and tertiary education show higher returns in the formal sector.
  • Tertiary education in own-account work yields comparable returns to formal salaried jobs.
• Labour Market Trends:
  • Informal employment has increased significantly, reaching 68.7% in 2022.
  • Formal employment has grown, but at a slower rate, leading to a mismatch between education levels and job quality.
  • Urbanization has been a consistent trend, with rural employment declining.

Conclusion

The paper concludes that while education contributes positively to individual earnings, the returns are not uniform across the labour market structure. Formal employment is more productive and offers higher returns for higher education, especially at the tertiary level. However, the growing informality in Peru suggests that education alone may not be sufficient to improve overall economic outcomes. Targeted policies are required to promote formal employment, improve the quality of education, and facilitate better transitions from education to work.

Additional Notes

• The study highlights the importance of demand-side factors in determining the returns to education.
• It suggests that educational quality, sectoral differences, and employment status are crucial in shaping labour market outcomes.
• The analysis provides a basis for policy-making aimed at improving educational investment and enhancing employment opportunities in the formal sector.

References and Authors

• Authors: Juan Chacaltana, Martin Moreno
• Affiliation: Juan Chacaltana is a Senior Employment Policies Specialist at the ILO, while Martin Moreno is an independent researcher and consultant.
• Key Research Areas: Informality, youth employment, human capital, and labour-market policy.

Licensing and Attribution

• This work is licensed under Creative Commons Attribution 4.0 International (CC BY 4.0).
• Citation: Chacaltana, J., Moreno, M. 2025. Returns to education in heterogenous labour markets: The case of Peru, ILO Working Paper 147 (Geneva, ILO). https://doi.org/10.54394/MQIL6393
• Disclaimer: The ILO disclaims responsibility for the content and accuracy of translations or adaptations of this work.