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Spain approves urgent job refoms

Feb 22 2013 18:21 AFP

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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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