OECD urges Spain to do more labor market reforms

Spain could further cut severance pay and better match training programs to business needs among new steps to reduce Europe’s second-highest jobless rate, the OECD organization of wealthy countries said in a report on Wednesday. The report by the Organization for Economic Co-Operation and Development praised Spain, which is just emerging from a prolonged economic and financial crisis, for the deep labor market reform passed last year but said more could be done. More than one in four Spanish workers is jobless, only Greece has a higher jobless rate in Europe, and about half of workers 18-25 years old are unemployed. Centre-right Prime Minister Mariano Rajoy said on Wednesday the jobless rate at the end of 2013 would be unchanged from the end of last year but would improve next year.

    

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