Turkish young people look for ways out amid rising unemployment rate
October 12, 2021, 1:19 am

Turkish young people look for ways out amid rising unemployment rate

Turkey-Istanbul-Woman/Pixabay

The Xinhua reported, due to economic crisis, woes, Turkish young people's expectations and dreams have been shadowed by the rising unemployment rate.

The Turkish Statistical Institute revealed on Monday, the number of unemployed people aged 15 and above increased by 11,000 to 3.96 million as the unemployment rate rose to 12.1 percent in August.

Cuneyt Yildiz, a 28-year-old man, told Xinhua at Istanbul's bustling Taksim Square that the refugees who have been providing cheaper labor forces are one of the drivers behind the rising unemployment rate.

Yildiz said: "Employers prefer hiring refugees instead of Turks." He had to change four different workplaces in seven years to afford his debts and extra spending on his disabled daughter.

Meanwhile, the women employment in the country is even worse. The Confederation of Progressive Trade Unions of Turkey revealed Monday that the broadly defined unemployment rate was 22 percent in August in the country, while the unemployment rate of female is 29.3 percent.

For Gamze Duman, a 23-year-old Istanbul resident, the job opportunities for women have been deteriorating each day in the country.

Duman said this led to the fact that "most Turkish women are housewives or working as cleaners or babysitters, even if they are well-educated."

"I'm having a job at the moment, but frankly, I have no hope for the future," she said, complaining about the high cost of living. Her monthly salary is 3,000 Turkish liras (about 334 U.S. dollars). The minimum wage is 2,825 liras in the country.

Sevgi Baskin, Duman's friend, has been working since she was 13. Baskin is currently unemployed and longing for a job.

She said: "Although I live with my family, I feel financially and psychologically stressful when I am unemployed."

Batuhan Kesici, a 17 years old high school footballer, is planning to take football as a profession in the future.

"No one gives jobs to young people in the country, citing that they are inexperienced," Kesici told Xinhua. When asked what he would do if he fails to earn money from football, Kesici said "if I have a chance, I will go abroad immediately."

According to the official data, the seasonally adjusted unemployment rate among the young population aged between 15 and 24 was 22.7 percent in August.

Turkey's economy witnessed a 21.7-percent growth between April and June this year. However, the country has been battling double-digit inflation and a weakening currency, which has lost more than half of its value since 2018.

The annual inflation climbed to 19.58 percent in September, mainly driven by soaring food prices.

Source: xinhua

Interpreter who helped rescue Joe Biden in 2008 safely departs Afghanistan Antonio Guterres calls for injection of liquidity into Afghan economy

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.