Unemployment refers to people who want to work but can not find a job. This is one of the biggest problems, which is affecting our nation and our economy today. Many people are concerned with the unemployment rate because it affects everyone weather you are employed or unemployed. Sadly, these are extremely interesting times. For the last several months or so and particularly since October 2008, there has been a synchronized global meltdown of the world’s financial system with disastrous effects on the wider economy. The extraordinary forces behind the crisis are a deep contraction and disruption in global financial services that are affecting capital flows into the real economy. This has resulted in savage and abrupt contraction in employment, incomes and living standards across the globe, affecting countries representing three-quarters of the world economy. The Bahamas is deeply integrated into the global economy, primarily through the U.S. tourism market, and it is clear that we cannot stand apart. Here at home we are currently experiencing a severe downturn in our economy in a most extreme form - reduced tourism, reduced foreign direct investments, reduced government revenues, reduced employment and contracting living standards. The unemployment rate has
INTRODUCTION OF UNEMPLOYMENT BENEFITS
The Government moved decisively to cushion the impact of the recession on persons who have lost their jobs. Last month, unemployment payments as a benefit under the National Insurance Scheme were introduced.
The Unemployment Benefit provides temporary financial assistance to eligible workers who become unemployed, are unable to find suitable employment and are capable, available and willing to work. The Scheme became effective on April 20 and the first benefit cheques were issued the week of May 4.
Through May 25th of this year 7,760 Unemployment Benefit applications had been received. Of these, 5,711 have been approved. An...