Madrid - The Spanish government has approved a package of urgent reforms it hopes will create jobs for young people and help slash the country's 26% unemployment rate.
The measures approved on Friday include scrapping company social security payments for a year for young people as long as the company takes on long-term unemployed people aged over 45.
Other measures include limiting monthly social security payments to €50 for six months for under 30s setting up their own businesses and the possibility of allowing people to use lump sum unemployment payments to start a company.
Some 6 million people have lost their job since the economy went into freefall with the collapse of the real estate sector in 2008. The unemployment rate for people under 25 is a staggering 55%.
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