OLDER AGE GROUPS LESS EXPOSED TO UNEMPLOYMENT COMPARED TO THE YOUNG

 

The older age groups of the population are less exposed to the phenomenon of unemployment, compared to the younger ones. Detailed data on the labor market in the last quarter of 2020, reveal that the unemployment rate in the 55-64 age group was 7.8 percent, the lowest of all age groups. Unemployment in this category was at least 4 percentage points lower than the national average of 11.8 percent. Unemployment in our country is a feature of the young population, especially in 15-24 year olds. INSTAT noted that 28.5 percent of the youth labor force at this age was reported unemployed in the last quarter of 2020. The Covid-19 pandemic further exacerbated unemployment among youth groups, as at the end of last year increased by 0.9 percentage points. More moderate unemployment rates are observed in the age group 25 to 54 years, with 11 percent, a value lower than the national average. Unemployment due to the pandemic in this age group expanded with0.6% points.