BUSINESS

Unemployment climbed to 27.8 percent in October

Fewer than one in every 10 jobless are receiving benefits By Christina Kopsini

The jobless rate continued to grow in October, amounting to 27.8 percent, from 27.7 percent in September and 26.1 percent a year earlier, Hellenic Statistical Authority (ELSTAT) data showed on Thursday, but equally worrying is the insufficiency of the system to support the unemployed.

The number of jobless in Greece reached 1,387,520 in October, increasing by 85,314 individuals from a year earlier. However, there was a significant slowdown in jobs lost from the previous year, when the newly unemployed had numbered 336,763. On a monthly basis the jobless increased by 1,111.

The unemployment rate among young people aged up to 24 came to 57.9 percent in October. The jobless rate among women reached 32.1 percent, while the region with the biggest problem is that of Epirus and Western Macedonia, with 29.7 percent unemployment.

The financially inactive population continued to grow, coming to 3.36 million people from 3.34 million in October 2012. The number of employed was 3.59 million. The General Confederation of Greek Labor estimates that the number of the financially inactive during 2014 will beat that of the employed by 1.1 million.

Despite Labor Ministry estimates for an increase in the flow of employment, ELSTAT data showed that on a yearly basis, 94,531 jobs were lost up until end-October 2013. The decline is smaller than in previous years, but it does point to a further contraction in the labor market.

Meanwhile, Manpower Organization (OAED) data for November 2013 showed on Thuesday that only 9.5 percent of the unemployed have access to the 12-month benefit for the jobless, which raises serious questions about the state’s support system. Nearly half of the unemployed (48.68 percent) are classified as long-term – i.e. without a job for over 12 months and have therefore stopped receiving any benefits for now.

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