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Letta hails 700-mn-euro job creation fund

Measures to help young, women, elderly, laid-off

27 December, 13:14
Letta hails 700-mn-euro job creation fund

(ANSA) - Rome, December 27 - Premier Enrico Letta on Friday hailed a new 700-million-euro fund to bolster employment and create jobs as Italy struggles out of its longest postwar recession.

The fund was announced last month as part of the 2014 budget.

Letta said 150 million would go towards tax breaks on jobs for the young - more than four in 10 of whom are out of work - while 200 million would be earmarked for women and the elderly.

A further 350 million will set up mechanisms, including retraining, to help those who lose their jobs find new ones.

Italy's jobless rate is at a record high of 12% while the unemployment rate in the 18-24 bracket is more than 41%.