(Bloomberg) --
Israel's young people face a “serious problem” as the Covid-19 pandemic disproportionately knocks them out of the work force, according to Economy Minister Amir Peretz.
Just 20% of Israelis up to age 24 had returned to work through the end of May, according to a report from the Israeli Employment Service, the lowest among various age groups. Younger people are more likely to work in industries hard hit by the outbreak, such as restaurants and events.
Eightfold Unemployment Surge May Take Years to Unwind for Israel
“A budget plan must be prepared to integrate the next generation,” Peretz said in a statement accompanying the report. He predicted Israel will still have about 400,000 unemployed workers after the crisis passes, as opposed to more than 1 million at its peak.
In the meantime, the number of coronavirus cases has soared since a lockdown was loosened in late May, leading the government to reimpose some restrictions this week.
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
