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2.4 Understanding unemployment

2.4 Understanding unemployment. Unemployment refers to those who are not currently working but are seeking work. Costs of unemployment to the individual:. Monetary costs of unemployment No income except for benefit payments Non-monetary costs of unemployment:

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2.4 Understanding unemployment

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  1. 2.4 Understanding unemployment

  2. Unemployment refers to those who are not currently working but are seeking work.

  3. Costs of unemployment to the individual: • Monetary costs of unemployment • No income except for benefit payments • Non-monetary costs of unemployment: • Loss of skills (not up to date with latest on-the-job training, “use it or lose it” • Health (more likely to suffer form poor health, especially mental health) • Family breakdown

  4. Why does the duration of unemployment vary? • Skills and training • Qualifications • Age • Economic state of the area

  5. Government strategies to help the unemployed: • Tax allowances (allow people to earn up to a certain level before they start paying income tax.) • Jobseekers’ allowance • Working tax credits • New Deal (focuses on providing training for people who have been unemployed for an extended duration. Particularly concentrates on 25 + unders as they are believed to most likely be unemployed due to lack of skills) • Education (vocational qualifications) • Apprenticeships

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