ECONOMY

Jobless rate unsustainable, says IOBE chief

The head of research of the Foundation for Economic and Industrial Research (IOBE) said that Greece’s 27 percent unemployment is unsustainable, adding that 60 percent of the country’s jobless have been out of work for 12 months, becoming marginalized from the job market.

Angelos Tsakanikas told Skai television on Tuesday that Greece’s unemployment rate, which has soared as the country find itself in its fifth full year of recession, raises the risk of political and social turmoil, saying that “in other parts of the world double-digit unemployment has brought down governments.”

Tsakanikas added that 60 percent of Greece’s unemployed people have been out of work for 12 months, saying that the longer they are out of work the harder it is for them to find employment.

“Older members of the unemployed workforce are not prepared to take jobs with low pay, while joblessness is also high among those with higher education,” said the research chief of the Athens-based think-tank.

Tsakanikas urged young unemployed people – among whom the jobless rate is above 50 percent – to show initiative and explore ways of starting their own businesses rather than waiting for employment.

Meanwhile, the Labor Ministry on Tuesday launched an orientation and employment scheme for jobless people aged 18 to 29, which includes 80 hours of orientation classes and five months of training that could lead to a subsidized position.

The scheme foresees jobs for a total of 35,000 applicants.

Applications can be submitted from April 15 to May 22.