One Million Greeks Without Job – Unemployment at 20.9% in Nov ’11

Posted by in Economy, Society

It is official: 1.029.587 Greeks were without job in November 2011 and unemployment hit a new record reaching 20.9 percent. In comparison, unemployment was 13.5% in November 2010 and 18.2% in October 2011, according to Greek Statistics Authority (ELSTAT). That is, unemployment figures doubled within one year and 405.785 Greeks lost their jobs. Moreover, the statistics show that from End October ’11 to End November ’11 the number of unemployed increased at 126,062 , that is 4,200 people were losing their work places on a daily basis.

In November 2011, the number of economically active was 3,901,269 people, and the economically inactive  4,423,657 people.

These data refer only to employees and do not show unemployment rates in the self-employed, owners of  very small,  small and middle enterprises.

Most hit by unemployment are young professionals and women. Unemployment skyrocketed to 48% in the age group 15-24, and almost one in two Greek youth is without job.

Among women, unemployment reached 24.5% in November 2011.

In order to boost competitiveness, the Troika imposed a sharp cut in the private sector wages for the youth until 25 years old. They will earn €510.94 gross, or 400 euro nett per month. With the new measures, the unemployment allowance will go down from €461 to €390 per month. The unemployment allowance is distributed for the period of one year only.