Ukraine's unemployment rate drops

Social Policy Minister Natalia Korolevskaya has declared that Ukraine's labor market is stable, despite the global economic crisis, the Information-analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

Experts say stable trends in domestic labor market are largely due to efficient implementation of employment tools included in Law of Ukraine "On employment." The measure from June 1 introduced a mechanism for reimbursing a single social fee to employers. The step provided compensation for employers of "low-competitive" workers, especially in priority sectors of the economy.

Statistics show that in QIII 2013 the State Employment Service employed 113,200 people from "low-competitive" categories on the labor market. This is almost twice as much as last year.

Ministry of Social Policy officials point to the increase in employment of persons after professional training at the state expense. In January-September 2013, 180,500 unemployed persons received professional training that was advised by employment centers. There was also an increase in the number of persons who started their own businesses after one-time annual unemployment assistance. From January to September 2013 this right was exercised by 11,600 people, which is 2,900 more from 2012.

Analysts say Ukraine's labor market is stable and riding a positive trend. According to ILO polls, unemployment rate in Ukraine is down. During the first half of 2012, it was 7.8%; during the first half of 2013, it was reduced to 7.5%.

The unemployment rate in Ukraine is still lower than in many EU countries. According to regular reports of Eurostat, the EU unemployment rate, as of July 2013, was up to 11% (19.2 million in absolute terms) year-on-year (10.5%). During that period, the lowest unemployment rate in the EU was in Austria (4.7%), Germany (5.3%), and Luxembourg (7.7%), and the highest – in Spain (26.3%) and Greece (27.6 %). In the U.S., the rate was equal to 7.4% in July.