Helsinki (13.04.2015 - Heikki Jokinen) What is the cost of long-term unemployment to society? Now it is possible to determine the cost with the aid of a web page calculator.
Courtesy of the Finnish Confederation of Professionals STTK, there is now an indicator that can measure or assess the price tag of long-term unemployment in Finland. The figure is running at 216 euro per second, 12,963 euro per minute and 18.7 million euro per day.
”No one can calculate these costs with 100 per cent accuracy”, says Ralf Sund, the economist at STTK, who is behind the calculator. But it is possible to ascertain what the costs are, on the basis of costs of unemployment including unemployment benefits, other social welfare benefits, losses in tax revenue and losses to the pension systems.