By Joel Slattery
Over 45% of people aged between 15-24 in the workforce are currently out of work, CSO figures reveal.
While the official unemployment rate for people under 25 is 12.8%, this rises to 45.5% when those in receipt of the Pandemic Unemployment Payment are taken into account.
People who are getting the PUP are not counted in the official unemployment numbers, CSO statistician Catalina Gonzalez explained.
“Those persons in receipt of the Covid-19 Pandemic Unemployment Payment at the end of June 2020 do not meet the internationally agreed criteria to be considered as unemployed for the purposes of the compilation of the standard Monthly Unemployment Estimates,” she said.
“Therefore, the CSO is producing a supplementary measure of unemployment in parallel with the routine Monthly Unemployment Estimates.”
The official unemployment rate is 5.3%, down from 5.6% last month – however, the figure rises to 22.5% when those receiving the PUP are considered.
The figures come as the government prepare to announce a jobs stimulus package in the coming weeks.
This is believed to include taking more businesses out of the Vat net, reducing taxes for the tourism sector, lowering commercial rates, and extending wage subsidies.