The February 2012 Spanish Labour Market reform

The February 2012 Spanish Labour Market reform

Fecha: marzo 2012

Autores: Miguel A. Malo

Etiquetas: Reforma laboral, Mercado de trabajo

Spanish and International Economic & Financial Otlook, SEFO, V. 1 N.º 0

The February 2012 labour market reform seeks to address some of the main structural problems of the Spanish labour market that have fuelled the huge rise in Spain´s unemployment since the onset of the crisis. The reform introduces changes in dismissals legislation that should decrease dismissal costs overall, as well as reduce “duality” (i.e. the gap between firing costs of permanent and temporary workers that has resulted in a disproportionate increase in temporary contracts). The reform also allows firms greater internal flexibility, encouraging adjustment through variables other than firing in times of economic downturn. Although not yet definitively approved by the Parliament, as it currently stands, the reform facilitates adjustment in wages and working conditions, making adjustment through layoffs less attractive.

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