Final answer:
Job-retaining programs help structurally unemployed individuals, such as industry-specific workers, to acquire new skills that facilitate re-entry into the workforce. These programs are complemented by policy measures that support job-hunting, retraining, and better information flow between potential employers and employees. Education levels influence unemployment rates, with higher education corresponding to lower unemployment.
Step-by-step explanation:
Job-retaining programs of financial assistance to attend college can help the structurally unemployed acquire new skills. Many college students face unemployment after graduation before they secure a job. At this stage, they are typically counted as part of the frictionally unemployed.
For long-term career prospects, these programs are critical, particularly for workers whose skills have become obsolete due to shifts in industry demands or technology, often referred to as structural unemployment. Research suggests that workers displaced by international competition, like factory workers with industry-specific skills, may face lengthy periods of unemployment unless they are able to retrain for new roles.
Additionally, education level significantly affects unemployment rates; those with higher levels of education tend to have lower unemployment rates and better labor market opportunities. For example, in January 2017, individuals with a college degree had an unemployment rate of 2.5%, whereas those without a high school diploma faced a 7.7% rate.
Introducing policies that support job search, retraining, and job-hunting can assist these individuals. They do not just support those in need but can also motivate low-skilled workers to seek employment by improving job opportunities.