Recovery in youth employment continues to lag worldwide: ILO report

Source: The post is based on the article “Recovery in youth employment continues to lag worldwide: ILO report” published in Business Standard on 13th August 2022.

What is the News?

The International Labor Organization(ILO) has released the Global Employment Trends for Youth 2022 report. The report provides an update on key youth labour market indicators and trends.

What are the key findings of the report?

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Other Key Findings of the report

Unemployment in younger people: The unemployment rate for 15 to 24-year-olds stands at 15.6% worldwide which is three times more than the adult unemployment rate.

Rise in NEET: The labour market challenges faced by the young are further amplified by the share of the youth “not in employment, education or training”(NEET) rising to 23.3%– an increase of 1.5% point from 2019.

What is Not in employment, education or training(NEET)?

NEET conveys the number of young persons not in education, employment or training as a percentage of the total youth population. 

It serves as a broader measure of potential youth labour market entrants than youth unemployment since it also includes young persons outside the labour force not in education or training.

Economists generally take the NEET rate as a better indicator of the employment situation as a declining NEET rate implies further investment by people in their education and training.