Lisbon plans to increase the retirement age and make public sector employees work an extra hour daily as part of a package of new spending cuts needed to avoid bankruptcy and remain in the euro.
Lisbon plans to raise the retirement age and make public sector employees work an extra hour daily as part of a package of new spending cuts needed to avoid bankruptcy and retain the euro as its currency.
Portuguese Prime Minister Pedro Passos Coelho unveiled the new austerity measures in an effort to meet the demands of international creditors, which envisions the redundancy of some 30,000 public sector jobs, together with the introduction of a 40-hour work week for civil servants and lifting the retirement age to 66.
Chosen excerpts by Job Market Monitor
via Portugal to lift retirement age, working hours in austerity drive — RT Business.
Portugal / To cut 30,000 civil service jobs
Portugal is planning to cut 30,000 civil service jobs and to raise the retirement age by one year to 66 as it tries to meet the terms of a bailout. Prime Minister Pedro Passos Coelho said civil servants would also be required to work 40 hours a week instead of 35. The proposals, which would …Continue reading »
Portugal Plays By The Rules, But Economy Slumps : NPR
The eurozone crisis has focused attention on debt-burdened Greece spiraling into decline. Meanwhile, Portugal is seen as the international creditors’ poster-child for obediently slashing spending and welfare benefits. Nevertheless, the Portuguese national debt continues to grow, and the country is mired in recession and soaring unemployment. The Portuguese national character has long been identified with … Continue reading »
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