Youth Unemployment

The youth unemployed should be one the groups the most in need for fiscal support in Hong Kong. They face keen rivalry and suffer from the local stinting regression, which create difficulty to them earning a living. childlike concourse, in general, refers to people in the age groups of 15-19 and 20-24 (Chung Kim-wah 2009). They are recognized as agitate force in Hong Kong, but their employment opportunities are non optimistic.Those school leavers in the age of 15-24 entering the labor market wealthy person little competitiveness compared calibrate job applicants, especially when the supply of graduate workers are so abundant in the market (Chung Kim-wah 2009). The unemployment rate of them keeps ascension and reached 19. 5% in 2008 ( young person Study Series 2009). Those unemployed receive no salary while they need money for daily expenses, creating potential financial burden on them. Facing competition among themselves, the green graduates are non any better either.Nowada ys, the large number of graduates makes the labor market saturated, providing the employers so many choices (Chung Kim-wah 2009), not to mention that a number of them are ease obliged to pay for their grad loan. The young unemployed population, both graduates and non-graduates, fall in to compete fiercely for the limited job positions in the market. Such demoralised employment prospect has strong relation to Hong Kong economic regression, which causes shrinkage in labor market (Youth Study Series 2009).While the number of job vacancies is declining, more and more young school leavers and fresh graduates enter the marekt seeking for jobs, resulting in increasing unemployment. Both the problems of vigorous competition and economic slowdown cannot be easily solved and need a long term economic adjustment. The young unemployed have little to do to escape from the predicament. pecuniary support from the government may give temporary but needful assistance to them. The form of finan cial support given may venture the extent of assistance to the young unemployed.First, I suggest that further reproduction fund and scheme should be set up for the young people to further study. Under the scheme, courses of different professions, ranging from information technology to business management, should be provided to young school leavers. They could take courses according to their own interest. After they turn different skills, they can re-enter into labor markets of their respective professions. In this way, labor supply can be diversified and competition can be reduced. Also, the government can also subsidize local companies who are expiration to recruit young employees.In this time of economic hardship, companies may not presume to bear the risk to expand their crews. With government subsidy, some companies may defend with incentive and are be willing to provide job positions to the young unemployed, creating some job vacancies for them. References Chung, Kim-wah. Huge Supply of Graduates the Cause of Youth Unemployment. Ed. Joseph Li. mainland China Daily, 26 Sept. 2009. Web. 25 Nov. 2012. . Youth Study Series No. 41 The Impact of Youth Unemployment in the Midst of the Global Financial Crisis. Rep. Youth Research Centre, Feb. 2009. Web. 25 Nov. 2012. .