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Spain approves job incentive package

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 percent unemployment rate.

The measures approved 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.

File image - A student shouts slogans during a protest in Madrid, Spain. Credit: Reuters

Other measures include limiting monthly social security payments to 50 euros 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 percent. - Sapa-AP

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