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Spain unveils proposed labour market reform
Monday, 14, June. 2010



Spain's Socialist government on Friday unveiled details of its proposed labour market reform that is aimed at reviving economic growth and allaying jitters over its public finances.Among the measures included in the draft published by the labour ministry is the creation of a government-sponsored fund for each worker that could be used by firms to pay a portion of an employee's severance in case of a dismissal.The fund, modelled after a system in place in Austria, would be set up in 2012.

The reformed labour law would also limit the length of fixed-term contracts to two years, with the possibility of an extension of one year, and allow companies to reduce worker hours in a downturn instead of dismissing staff.Spain's unemployment rate has soared to 20 percent of the workforce -- the second highest in the European Union after Latvia -- since the collapse of a property bubble at the end of 2008.
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