The current rate of unemployment is costing the taxpayer £23million, according to the Treasury Minister.
Speaking to 3FM, Eddie Teare said that every out-of-work individual cost £25,000 a year via lost direct tax, national health insurance and jobseekers’ allowance payments.
Earlier this week new figures revealed unemployment has risen again in the Island to 910 - a national figure of 2.1 per cent.
However, Mr Teare said there were positives such as a decrease in long-term unemployed.
He added that in an economy such as the Isle of Man’s there would naturally be increases in some sectors and decreases in others (see audio).
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