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Spain to spend 3.4 Bln tackling youth unemployment

Fri 15th Feb 2013
Spain to spend 3.4 Bln tackling youth unemployment

The Spanish Government has set aside 3.4 Bln until 2017 to create employment opportunities for the under 25's and to encourage entrpreneurs.

The initiative will also be partly funded European Social Fund, ias part of the '2013-16 Entrepreneurship and Youth Employment Strategy'.

The scheme will be run by the government in partnership in cooperation with local business leaders, and will include 15 short-term measures such as financial aid for those who wish to further their studies and incentives for businesses to employ the under 25's.

Unemployment in Spain surpassed the 26% marker in December, with unemployment of the under 25's reaching 55.1%.

Critics argue that encouraging (and paying for) youths to continue their studies will not result in job creation, and that offering companies subsidies to employ youth workers will be counter-productive with a fall in opportunities for older generations.

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