BUSINESS

Job data point to emigration

TAGS: Economy

The Hellenic Statistical Authority on Thursday announced that the unemployment index had posted a significant drop to 22.5 percent in March from a revised 22.9 percent in February and 23.8 percent in March 2016.

The tourism season’s head start thanks to the early Easter as well as the emigration of young people contributed considerably toward the index’s decline to levels unseen since early 2012. The emigration factor is evident in the notably bigger reduction in the jobless figure compared to that of people employed.

The total number of people at work reached 3,682,416 in March while the unemployed totaled 1,068,469. The number of employed people rose by 31,154 compared to a year earlier – i.e. 0.9 percent more. The number of jobless fell by 74,515, or 6.5 percent, from March 2016, while the financially inactive grew by just 6,875 people. That leaves almost half of the jobless reduction figure (some 36,500) unaccounted for, meaning they have probably exited the labor market and the country altogether.

Meanwhile the Manpower Organization (OAED) on Thursday confirmed a Skai TV report that any unemployed people who work even a single day in a month will not be entitled to the jobless allowance as of May 26. OAED added that once the temporary employment has ended the individual will again be entitled to the benefit.

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