According to official data, the youth unemployment rate in China jumped to 17.1% in July, reaching its highest level this year. The agency writes about this ReutersThe world’s second-largest economy faces growing headwinds, including high youth unemployment, a leveraged real estate market and worsening trade tensions with the West.
Chinese Premier Li Qiang, who is responsible for economic policy, called on struggling companies to make their voices heard and for their problems to be truly resolved. The unemployment rate among youth aged 16-24, published by the State Statistics Office, has risen significantly from 13.2% in June.
Nearly 12 million students graduated from Chinese universities in June, intensifying competition in an already tight labor market, which likely explains the sharp rise in unemployment in July. President Xi Jinping has previously said that tackling youth unemployment should be a priority.
The unemployment rate among those aged 25-29 rose to 6.5% in July from 6.4% the previous month. The figure for the workforce as a whole was 5.2%.
Prior to this, it was known that the main challenges faced by Russian employers last year included: It turned out to be selection, retention and inflated salary expectations of applicants. Experts also noted that the development of social packages, the expansion of voluntary health insurance programs and the increasing interest in managers’ liability insurance are the main trends in the labor market.
Previously, the flow of labor migrants from the CIS countries to Russia was increasing sharply. decreased.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.