French President Francois Hollande declared economic emergency

French President Francois Hollande on 18 January 2016 declared a state of economic and social emergency to redefine country’s economic and social model.

To tackle the emergency, Hollande unveiled a 2 billion euro plan to revive hiring and catch up with a fast-moving world economy.

Also, the government has proposed series of economic measures to revive long-stagnant economic growth and reduce chronic unemployment, which has been around 10 percent for years.

Proposed measures to be taken by French Government are:

• Under a two-year scheme, companies employing fewer than 250 people will receive a 2000 euro bonus for each new employee with a contract of more than six months, under certain conditions.

• One billion euros will be spent on training schemes for unemployed people.

• About 500000 vocational training schemes will be created.

• Updating country’s labour-friendly business model in an increasingly online and border-free economy.

• Loosening of France's rigid working time rules.

• Integrating youth from France's troubled suburbs, including minorities who face job discrimination, into the global economy.

The government will also include a few measures in draft economic reform laws which will be presented in the parliament in the coming weeks.

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