Unemployment amongst Icelanders aged 20 – 24 has crossed 11%, marking a
five-fold increase in unemployment from the same month last year. Those 25 and older, up to 60, have seen a four-fold increase in unemployment. According to the Directorate of Labor, 14,755 residents are on unemployment now – 9,354 men and 5,401 women.
A report from the Ministry of Finance points out that due to a change in compensation law, many Icelanders, while not necessarily unemployed, are under-employed. The ministry also expects that unemployment will continue to increase.
Unemployment levels are highest amongst Icelanders aged 20 – 24, gradually decreasing through older age groups, hitting a low at 45 – 49 at 5%. This is followed by a modest rise up to 6% among those aged 55 – 59 before dipping down again to just over 4% among those 65 – 69, the oldest age group gauged. Across the board, unemployment was lowest among Icelanders aged 15 – 19.