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Youth unemployment in China jumps to 17.1% in July (www.voanews.com)

submitted 3 weeks ago by MCasq_qsaCJ_234 to c/[email protected]

37 comments fedilink hide all child comments

Youth unemployment in China ticked up to 17.1% in July, official figures showed, the highest level this year as the world's second-largest economy faces mounting headwinds.

China is battling soaring joblessness among young people, a heavily indebted property sector and intensifying trade issues with the West.

Chinese Premier Li Qiang, who is responsible for economic policy, called Friday for struggling companies to be "heard" and "their difficulties truly addressed," according to the state news agency Xinhua.

The unemployment rate among 16- to 24-year-olds released Friday by the National Bureau of Statistics (NBS) was up markedly from June's 13.2%.

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[–] [email protected] 10 points 3 weeks ago (1 children)

Did you even consider that your formula doesn't even work for 90% of people? 6 figure salaries are a US thing, everywhere else you get taxes to pay for irrelevant shit like health. Part of those taxes are for retirement. Those are not optional and scale with the salary from like 10% if you're poor to like 70% if you're rich.

At whatever age retirement is, you get a payout that's (not linearly) proportional to how much you paid in taxes. That's the whole of Europe. Probably more complicated or anarchic elsewhere.

Even with a top 5% salary, you're not going to pile up all that much.

The problem is not this scheme. Is that there are not enough young people to support the elderly.

Also a curiosity about Portugal: A lot of people are starting to lie about not having a degree when they do so that they can get shit jobs more easily. Too many degrees around. (Most people go to college, even if they fail)

[–] [email protected] -1 points 3 weeks ago

I guess I just assumed OP was in America since their retirement plan is a bullet to the head, which is a distinctly American joke since most other countries don't seem to make retirement such an impossibility.