400,000 school and university students graduate this week. Many will go straight into the ranks of the unemployed. The head of the national jobs agency warned RT now is the worst time for young people to look for work.
When finance whizzkid Dmitry Marinchenko got into MGIMO University 5 years ago his future seemed made. Banks needed talent and were ready to offer a 170000 dollar starting salary, before bonuses. Today he graduates, to a different scene.
“It's a really tough job to find a job. I visited about 20-25 companies and most said I lacked job experience. Problem – a lot of layoffs, and experienced people on the market with same. I know about 10 people from my Uni’ who tried to find a job just as me… but a lot of them, well, have no response.”
The bloodiest carnage is among bankers and lawyers. But Yury Gertsiy, Head of the Federal Employment Service, says jobless numbers will rise across the board.
“This is the worst time to join the job market. Employers are most hostile to twenty somethings who have yet to prove their abilities. That's why by September the jobless rate will go up.”
In a year Russia’s official unemployment rate soared from 6 to 10%. Add those who don't register and the real rate is even higher.
These fresh-faced teens will now have to do battle with veteran barristers and financiers who've just got the sack.