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Home / News / World News / France's $2.2 billion plan to tackle unemployment
  • World

    France's $2.2 billion plan to tackle unemployment

    Achin Garg
    Written by
    Achin Garg
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    Last updated on Jan 19, 2016, 03:42 pm
    France's $2.2 billion plan to tackle unemployment
    Credits:
  • French President, Francois Hollande, unveiled a $2.2 billion plan to subsidize employment generation and provide skill training to 5,00,000 people.

    This is expected to curb an 18 year high unemployment rate of 10.7% with 3.5 million unemployed.

    However, critics have declared the move as more political than economic which is aimed at enabling Hollande to fight the next Presidential elections due in 2017.

  • In this article
    French unemployment dips by 0.4% in November France under 'social and economic emergency' France's $2.2 billion plan to tackle unemployment Fight for re-election Main features of the plan What after skill training?
  • 25 Dec 2015

    French unemployment dips by 0.4% in November

    French unemployment dips by 0.4% in November
  • According to the French labour ministry, the number of job seekers had declined by 15,000 or 0.4% in November 2015.

    This came as a relief because Oct 2015 registered the highest monthly increase in unemployment in two years.

    While the figures showed a 1.1% decline in youth unemployment rate, it made a 0.5% increase in unemployment rate for the above 50 age group.

  • 18 Jan 2016

    France under 'social and economic emergency'

    France under 'social and economic emergency'
  • French President Hollande announced a 'state of social and economic emergency' to redefine France's business model for enabling faster growth and reviving employment rates in the country.

    France's economy has almost stagnated with a mere 1% economic growth.

    France had earlier imposed an emergency post November 2015 terror attack and hiked spending on military and domestic security to prevent any such attacks in future.

  • 19 Jan 2016

    France's $2.2 billion plan to tackle unemployment

    France's $2.2 billion plan to tackle unemployment
    Credits:
  • French President, Francois Hollande, unveiled a $2.2 billion plan to subsidize employment generation and provide skill training to 5,00,000 people.

    This is expected to curb an 18 year high unemployment rate of 10.7% with 3.5 million unemployed.

    However, critics have declared the move as more political than economic which is aimed at enabling Hollande to fight the next Presidential elections due in 2017.

  • Quote

    Fight for re-election

  • The plan becomes important as President Hollande had earlier announced that he would not fight the next Presidential election if he fails to bring down unemployment in France.

  • 19 Jan 2016

    Main features of the plan

    Main features of the plan
  • The plan will provide a subsidy of €2000 to small and medium businesses who hire and retain a full-time employee for 6 months.

    Additionally, 5,00,000 unemployed would receive vocational training and 1,50,000 would be engaged in civic service programs.

    This would immediately remove 0.5-1 million people from a pool of 3.5 million unemployed people seeking jobs, significantly easing unemployment rates.

  • Quote

    What after skill training?

  • "Even if 5,00,000 people can get training, you need 5,00,000 jobs to hire them into. Otherwise it's back to the unemployment line the day after the program ends" - Éric Woerth, member of the opposition conservative Republican party.

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