The International Labour Organization says one in eight young people will be unemployed this year. That amounts to 75 million youths between the ages of 15 and 24 without a job—6% more than in 2007—and an unemployment rate of 12.7%. One in four youths in the Middle East and North Africa are unemployed. Young people in rich countries are not spared. Between 2008 and 2011, the unemployment rate in wealthier countries hit 27%. But it’s twice as bad for youths in Greece and Spain where the youth unemployment rate has hit 51%. In America, not even a college degree will help land a job. According to Reuters, half of all recent college grads don’t have full-time work. And of those that do, almost half of them are working in jobs that don’t require a college degree.
The Illinois carrier recently raised $35 million through a stock offering.
One of the recorded votes on amendments was on a jab at short-term health insurance.
A Principal Financial executive represented life insurers at the hearing.
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