The labor ministry has launched a subsidy program in an effort to lower the unemployment rate, which is now at its highest in years.
Taiwan’s unemployment figure hit 4.11% in May, the highest it’s been since December 2013. And even those who are working are seeing their hours cut: in May, the number of working-age people working less than 35 hours a week hit 792,000.
The situation is bleakest of all for those just entering the job market. A spokesperson for one job search site said that unemployment among 20 to 24-year-olds was at 12.58% in May, and when figures for June come out, it’s likely the number will be higher, maybe as high as 14%.
It’s the pandemic that’s to blame. This year’s new graduates are having to compete not just against older workers who lost their jobs due to the pandemic, but also against students from last year’s class, whose graduation was postponed because of the pandemic.
To remedy this situation, the labor ministry is offering subsidies of up to NT$30,000 over four months to employers who hire a worker through a government job center, as well as up to NT$20,000 in subsidies over the same period for unemployed workers that find a new full-time job.