GOJKO DRLJAĆA

Daily report by Gojko Drljaca Youth employment is hit hardest by the COVID-19 pandemic AUTHOR: Gojko Drljaca POSTED: 06/07/2020. at 12:09 HANZA MEDIA Crowd in front of the CES While societies have tried to curb the COVID-19 pandemic with rigorous epidemiological measures, most decision-makers have overlooked the severity of the economic, social and even health consequences. In several countries, analyzes are still underway on the deterioration of the epidemiological picture of a number of acute and chronic patients who have in some way been denied adequate health care with potentially severe consequences. When it comes to the economic and social consequences, Bloomberg analysts have noticed that the main victims in the labor market are the younger generation; members of the Z cohort. Young people recorded the highest increase in unemployment in a number of countries. If students are excluded in the UK, one third of 18-24 year olds have lost their jobs. In Australia, the unemployment rate for 15-24 years has risen from less than 5 per cent to more than 16 per cent. Related news It is time to start panicking, not only because of the contagion but also because of the economy America was shocked by the suicide of a 20-year-old investor who invested through Robinhead The key problem is that young people who find themselves in the labor market tend to have much looser employment contracts than older employees. A very significant number of young people work on part-time or fixed-term contracts that are easily terminated. Furthermore, in several countries, huge sums earmarked for maintaining employment have failed to help the youngest workers because aid rules have simply ignored the specificity of the labor market in that youngest part. Australia, for example, has spent $ 180 billion on various incentives, but has failed to do anything for the youngest employees. A particular problem in several countries is that the rules are such that many young people could not even count on the help that older employees received from the states during the COVID-19 pandemic. The question now is how long the fear and uncertainty caused by the pandemic will keep Generation Z away from the labor market, and in the absence of a rapid recovery in the medium and long term, young people will be the main victims of the pandemic, even though they are not at risk