This is the latest of the blog series of KCO. This Blog is written by Mr. Farhat Iqbal, Junior Tax Associate. Please read this blog and know the reasons of Unemployment.

As long as there is unemployment, war, crime and all things that go to the infliction of man’s inhumanity to man, regardless – there is much to be done, and people need to work together.

Unemployment is one of the major issues in Pakistan because of which many peoples are badly suffering. People in Pakistan are suffering from depressions and other mental illness and suicidal attempts have been made by many people due to unemployment. People starts using drugs to overcome with their mental illness and they are getting involve in wrong ways to earn money and as a results crime rates are increasing in the society.

It is quiet disappointing for a person that after getting a high education with good grades they still have to suffer a lot for a job. First people face unemployment for a long time and then when they get job they are paid a very low salary in which their travelling expense even don’t fulfill because that person lack experience and required knowledge to compete in the job market. But I think this is the fault of whole education system not of the students, because in our education system we rely on bookish knowledge not on the practical implementation of all those learning which we get during our education. Following are the questions which usually come in mind and in my opinion each of the above questions should be answered as following:

Why do universities don’t prepare us for the job market?

Why educated peoples are suffering a lot is it the mistake of government or education system?

What is the benefit of all that bookish knowledge which is far different than practical?

In my opinion universities are following old concept and trend of just giving bookish knowledge to students and secondly they follow those books which are of no use in today’s world. The reason is an experience person in their relevant field doesn’t write books about their tasks and working, that’s why universities can’t prepare students for job market.

Educated peoples are suffering due to mistake of both education system and government because in Pakistan those get job that are having either high contacts or through bribery which is very common here and they don’t have required skills to get a job in any multinational company on talent.

Being a business graduate I even don’t know how I should implement my bookish finance knowledge in practical job market as we are living in a country where information technology is growing. All the operations of businesses are running with software then why we still learn those manuals method rather than software.

In addition to above, there are many reasons which results in unemployment one of the main reason is inflation. In Pakistan inflation is increasing day by day because of which business suffers a lot when inflation import increase. People imports things from other countries in cheap rates because they cannot afford to buy things in high rates which directs affects the economy. Other reasons are high tax rates, government imposes high tax on business which discourages local and foreign investor to invest and when business declines the demand of labor declines which increases unemployment. It is the responsibility of government to take initiatives to reduce unemployment and creates opportunities for people and government should set the education system to skills based learning for all. In this way we can have skillful labor which benefits the economy ultimately.

I will try to give best option to reduce unemployment issues in my next blog.

Farhat Iqbal