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Home BUSINESSLong-term unemployment leaps to almost a year
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Tue, 28 Oct, 2014 02:43:37 AM
FTimes-STT Report, Oct 28
 
File picture of a job seeker on a queue at the unemployment office in Helsinki. Photo Lehtikuva.
The average long- term unemployment duration has risen to almost a year, according to the Ministry of Employment and the Economy (MEE) labour market outlook.
 
The most worrying situation is the length of unemployment duration for people over the age of 55 whose prolonged duration of unemployment rose to 91 weeks in September, which is equivalent to a year and nine months.
 
The long-term average unemployment is nearly a year, and every month over 6,000 people exceed this mark.
 
According to the forecast, long-term unemployment will rise this year to 93,000 and next year it is set to increase to 100,000.
 
In addition, the ministry estimates number of unemployed job seekers will increase to 330,000 people this year and 340,000 people in 2015.
 
A young lady is searching job on employment office website. Photo Lehtikuva.
According to Johanna Alatalo from the MEE, advanced age and low level of education increase the risk of long-term unemployment.
 
Unemployment has also started to grow in the capital city region in recent times. In spite of this, unemployment rate remains stable throughout the country, as more people are incorporated in the labour force.
 
The unemployment rate is forecast to hit 8.6 percent this year and it is expected to remain at the same level next year.
 
More people becoming incorporated in the labour force is due to the fact that as more workers retire, more young people will become employed.
 
Hidden unemployment is on the rise as well, since people are increasingly losing hope of getting employed.
 
 
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