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Only Austria, Germany, Japan, the Netherlands, Norway and Switzerland have youth unemployment rates below 10 percent

Low wages and a lack of available jobs are plaguing the EUs young and educated. Greece’s 15-24 year olds are facing unprecedented levels of unemployment, while Portugal is witnessing a mass exodus as endemic joblessness drives its youth abroad.

The UN labor office predicts a global rise in unemployment of 12.8 percent by 2018.

Across the wealthier regions surveyed on current youth unemployment levels – including the European Union – the rate stood at a 10-year high of 18.1 percent in 2012, and is expected to remain above 17 percent until at least 2016.

Only six countries (Austria, Germany, Japan, the Netherlands, Norway and Switzerland) had youth unemployment rates below 10 percent. Greece is not one of them.

Greek unemployment is twice as high as the eurozone average, with 64.2 percent of young people out of a job in February, according to new data published on Thursday. The country is in its sixth year of recession, drained by tax hikes and spending cuts demanded by the EU.

“I’ve been looking for a job since 2010 and it has been extremely tough,” physiotherapy graduate Angeliki Zerva told Reuters. “Most employers do the job with interns and don’t need to hire anyone.”

In order to attempt to curb this practice, Greece has slashed the monthly minimum wage for under-25s to 500 euro – a full 32 percent.

Chosen excerpts by Job Market Monitor

RT

via EU’s young and jobless: Portugal ‘brain drain’, 60% of young Greeks unemployed — RT News.

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