Friday, February 26, 2016

France declares economic emergency

French President Francois Hollande has declared “a state of economic emergency” by announcing that it’s time to redefine France’s economic and social model.
  • The measures included a loosening of some worker-friendly measures to encourage companies to hire, and new training for half a million workers.
Key reforms:
  • Creation of 500,000 vocational training schemesadditional subsidies for small companies and a programme to boost apprenticeships.
  • With immediate effect, companies with fewer than 250 workers will receive a€2,000 payout for hiring youths and unemployed people on low salaries for contracts lasting more than six months.
  • Temporary tax breaks, announced in 2014, will become permanent.
Keys France:
  • Capital – Paris
  • Currencies – Euro, CFP franc
  • PM – Manuel Valls

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