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G20 labor and finance ministers agree that retraining is best method of promoting employment

July 19, 2013, 23:46 UTC+3
According to Siluanov, at their Friday meeting, the ministers discussed the efficiency of the use of budgetary expenditure in the sphere of education
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, July 19 (Itar-Tass) - Ministers of labor and finance of the Group of Twenty have agreed that retraining of specialists is the most efficient method to promote employment, Russian Minister of Finance Anton Siluanov told a news conference on Friday.

In his words, the G20 labor and finance ministers, who met in Moscow to discuss the ptobles of creating jobs for life and development, agreed that budgetary funds should be allocated to finance re-training programs to promote employment.

According to Siluanov, at their Friday meeting, the ministers discussed the efficiency of the use of budgetary expenditure in the sphere of education. “Let us take Russia as an example, about 30 percent of graduates in Russia never work within their specialization. The percentage of such graduates is even higher at some higher education establishments,” he said. “When a state wastes resources on the education of young people not to have qualified workforce in the end, it is an inefficient use of funds.”

“On the other hand, they agreed that the most efficient method is to retrain people who already have working experience,” Siluanov noted. “The issue of the change of profession is the most efficient method of promoting employment. It was recognized by the majority of countries.”

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