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Spain to announce scheme to create new employment opportunities

Sun 30th Jan 2011

Spain's government is expected to announce new measures next week to stimulate job creation, the Labour Minister said on Sunday, following last week's data revealing unemployment rates at their highest for 13 years.

"The time has come to improve conditions for businesses so they can hire, a decent cost cut for those that contract (new workers) right now," the Minister stated earlier today during a radio interview on Spanish radio.

The country's unemployment rate stood at 20.3% at the end of 2010, twice the EU average and the highest in the developed world.

Since the collapse of the property and construction market in 2008, almost 3 million workers have lost their jobs.

The Minister went on to say how the programme will also help to regulate up to 150,000 workers currently paid cash-in-hand for their services.

Spain's black eceonomy is estimated to be worth around 200 billion euros, representing a staggering 20% of the economy overall, according to some estimates.

Spain's financial system overall is coming under intense scrutiny by investors concerned that high unemployment levels and stagnant growth will force the government to apply for an Ireland-style bailout from the European Union and the International Monetary Fund.

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