Home' Trinidad and Tobago Guardian : April 27th 2015 Contents A19
Monday, April 27, 2015 www.guardian.co.tt Guardian
Sagicor Financial Corporation
Dear Sagicor Shareholder
In an effort to afford you the opportunity to meet
and interact with your Directors and members of
Senior Management, you are invited to attend a
Shareholders' Briefing on the:
Company's 2014 Financial Performance
Thursday, April 30, 2015, at 5:00 p.m.
at MovieTowne's Banquet and Conference Centre,
Fiesta Plaza, MovieTowne,
Port of Spain.
We should be grateful if you would call us at
(868) 628-2652 ext 21321, 21486 or 21367
to confirm your attendance.
LIMA---There are at least 27 million
young people in Latin America and
the Caribbean who work in conditions
of informality, said the International
Labour Organization (ILO).
"Youth unemployment is very high
in the region, but it's just the tip of the
iceberg that hides the wider problem
of a lack of opportunities for those who
are just starting their productive lives,"
said Elizabeth Tinoco, ILO regional
director for Latin America and the
Caribbean at a regional meeting in the
The meeting brought together rep-
resentatives of governments, employers
and workers from the region to discuss
policies to address the problem of infor-
mality in youth employment. ILO
experts from Africa and Asia also
Informality refers to economic activ-
ities that operate outside the formal
reach of the law or those that, while
operating within the formal reach of
the law, are not subject to application
or enforcement of the law in practice.
The informal economy also results from
laws which discourage compliance
because they are inappropriate, bur-
densome or impose excessive costs.
The ILO warned in its report to the
meeting that six out of ten jobs available
to young people are in the informal
economy. In general, these jobs are of
poor quality, low productivity and offer
low wages. This means that youth are
lacking stability and career prospects,
social protection and access to basic
"We face a major political challenge,
as high unemployment and informality
create a scenario which leads to high
levels of discouragement and frustration
generated by the lack of opportunities,"
Tinoco said. She added that when
young people can only access poor
quality jobs, it jeopardises their future
Just over half - 56 million - of the
108 million young people aged 15 to 24
in Latin America and the Caribbean
are in the workforce - holding a job or
seeking one actively.
Among these youth, 13 per cent are
unemployed, three times the rate of
adults. It is estimated that over 7 million
young people fail to find a job - a num-
ber that is equivalent to 40 per cent
of total unemployment in the region.
The situation of high youth unem-
ployment is compounded by the rate
of youth in informal non-farming activ-
ities reaching 55.7 per cent, more than
eight percentage points higher than the
overall rate of 47 per cent.
Most of these informal jobs for youth
are generated in the informal economy,
very often in small and micro enter-
prises that are not part of the formal
economy. But informal conditions also
affect 32 per cent of young workers in
In Latin America and the Caribbean
there are also more than 20 million
young people who are not in educa-
tion, employment, or training.
"We have to address informality
and youth unemployment with a
combination of policies that respond
to the specific needs of each country.
Isolated measures generally have little
impact and their effect is limited,"
said Tinoco. She stressed that the
problem of youth employment is
recognised by countries and that they
are concerned about its causes and
"Now we should move from concern
to action in order to face the challenges
of youth employment, especially at
times of a slowing economy that could
push up the rates of unemployment
and informality," she said.
The report to the meeting high-
lighted three areas in which labour
informality in the region can be
Measures and incentives to create
the conditions for the development of
formal jobs, including subsidies for
business development and pro-
grammes to expand youth employment
and promote skills;
Initiatives aimed at formalising
informal jobs and work units, including
regularisation schemes, labour inspec-
tion, and support to the formalisation
of micro enterprises with low produc-
Strategies to expand the coverage of
social protection to informal workers,
such as unemployment benefits, health
insurance and maternity protection.
Elizabeth Tinoco, ILO regional director for Latin America and the Caribbean, left,
and ILO Director General Guy Ryder.
ILO seeks solutions
for youth job challenges
Links Archive April 26th 2015 April 28th 2015 Navigation Previous Page Next Page