S for Economy and Finance Lei Wai Nong attributed youth unemployment to poor job matching between job-seekers and available positions rather than structural unemployment issues.
Data presented by Lei while speaking at an interpellation session at the Legislative Assembly yesterday shows that about 70% of young job seekers find a job within an average of 60 days. However, the remaining portion of young people aim for clerical positions.
About 4,300 young people were unemployed in the fourth quarter of last year.
When previously addressing questions from lawmakers about the unemployment rate of Macau youth, the Chief Executive (CE), Ho Iat Seng, urged the younger generation to “try [for] any of the job offers available in the market instead of waiting for the ideal job.”
The latest unemployment rate for local residents was 2.8%.
Lei yesterday noted that while the rate may further decline, there is indeed a structural unemployment problem in Macau, especially among people over 45 years old with specialized skills.
He highlighted adjustments to the junket sector in 2021, which led to around 3,900 people in the industry losing their jobs.
Lei said that many of them have adjusted their mentality and changed careers, but there are still approximately 500 people who hope to be reinstated under their previous working conditions.
Back in April 2022, about 85% of employees were dismissed from junket operators, due to the turmoil that engulfed the sector.
This comes amid the cessation of operations by junket operator Suncity, amid the arrest of junket mogul Alvin Chau. LV
