Briefing: Hiring Veterans
In the days leading up to Veterans Day earlier this month, Gov. Deval Patrick declared November to be Hire a Veteran Month and sought to bring attention to the high unemployment rates of veterans returning from Iraq and Afghanistan. In addition to proposing additional money in next fiscal year’s budget for various veteran services, the Patrick administration has also partnered with industry groups to encourage employers to hire more former military members.
How high is veteran unemployment?
The younger the veteran, the better the odds he or she will be unemployed, according to U.S. Census Bureau data. Overall, veterans had an unemployment rate of 8.7 percent in 2010, compared to 9.4 percent for non-veterans. But recent veterans face higher unemployment. Of those who have served since September 2001, 10.9 percent were unemployed as of last April. And for male veterans age 18 to 24, the unemployment rate was a sky-high 26.9 percent as of April.
Why is unemployment higher for veterans?
The congressional Joint Economic Committee issued a study in May that found that veterans are more likely than non-veterans to be employed in industries that have experienced drops in employment because of the recession, such as manufacturing and construction. Veterans are also more likely to be employed in the public sector, which has also faced cutbacks in recent years.
Though it does not appear to be a significant factor yet, disabilities could worsen unemployment among veterans in the future. Labor force participation among post-September 2011 veterans has remained high at 81 percent, despite the fact that 25 percent have a service-connected disability. But the report states that those disabilities could reduce future labor force participation, a trend that has been observed among Vietnam War veterans.
What is the state doing to help veterans find jobs?
The state’s efforts coincide with those of Congress to pass a bill that would provide tax credits for companies that hire veterans. The bill would provide a minimum $2,400 credit for hiring unemployed veterans. A previous tax credit program is set to expire at the end of the year.
State officials have teamed up with Massachusetts Association of Chamber of Commerce Executives and other business groups to encourage their members to hire veterans. The Massachusetts Manufacturing Extension Partnership could also receive an additional $500,000 in state money in the coming fiscal year to train and employ veterans who qualify for state benefits.
WBJ Web Partners
Most Recent
Most Recent
0 Comments