• Sat. Apr 20th, 2024

Austria Faces Double-Digit Rise in Unemployment in March 2023

BySamantha Nguyen

Apr 3, 2024
The unemployment rate increased by 11% in March.

In March 2023, Austria faced a sharp rise in unemployment for the first time in several months. The Employment Service (AMS) reported that 369,640 people were registered, which was an increase of 11% compared to the previous year. This marked a significant increase in unemployment, with almost 36,000 more people being added to the register.

The AMS boss Johannes Kopf expressed concern over the development and highlighted that the situation was particularly challenging given the favorable employment conditions typically seen around Easter. He noted that Austria was still in a clear recession and that a rapid recovery in reducing unemployment was unlikely, especially with high inflation and excess personnel capacity in companies.

The construction and industry sectors were most affected by the increase in unemployment, with men and younger people being disproportionately affected. The labor minister Martin Kocher acknowledged the challenging economic environment but also expressed hope for relief and an increase in work permits to address labor market challenges.

The Chamber of Labor raised concerns about long-term unemployment, particularly affecting those with health issues and older individuals. They highlighted financial difficulties faced by households affected by unemployment but also noted that older employees aged 60 and over saw a recent increase in employment.

Amidst criticism from opposition parties, the government was called out for its lack of action on addressing rising unemployment figures. The ÖGB managing director also raised concerns about the mismatch between rising unemployment and demand for skilled workers, particularly in sectors like tourism. While there has been a decrease in available vacancies reported to AMS year-on-year, there is still high demand for skilled workers in certain sectors like electrical installation and cooking.

Overall, Austria’s employment situation remains challenging as it faces high inflation and excess personnel capacity in companies. However, there are opportunities for relief through work permits to address labor market challenges while also providing hope for those seeking employment opportunities.

In March 2023, Austria experienced its first double-digit rise

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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