Job insecurity and unemployment on the rise

Job insecurity and unemployment on the rise

Although there is no reliable data regarding the current rate of unemployment in Lebanon and the impacts of the unfolding crisis, the World Bank warned at the end of last year that "unemployment, especially among youth, is already high and could further rise sharply" and that the poverty rate could hit 50 percent of the population if the economic situation worsens.. Executive sat down with business owners, syndicate heads, and lawyers to better understand the complexities of the labor crisis facing Lebanon and how it can be handled in a manner that would safeguard the dignity and livelihood of employees.. According to the LFHLCS, the youth unemployment rate in Lebanon was 23.3 percent, more than double the general unemployment rate of 11.4 percent.. Hosri also says that, based on his conversations with CEOs in Stronger Together, there is an average of 40 to 50 percent reduction in salaries across the private sector balanced with a reduction in working hours.. In the many cases where businesses are almost at a standstill, he says, more drastic measures are being taken, including laying off employees-he estimates that thousands of employees have been laid off so far in the trade sector. ".