SPAIN has announced that it will make sweeping reforms across its labour laws and tax system to speed up the country’s access to EU recovery funds.
The Spanish government has drafted a “road map” of sweeping reforms across its labour laws, pension scheme, and tax system in order to gain faster access to 72 billion euro of European Union funds to boost the country’s economic recovery from the pandemic.
The massive funds will be accessed over three years, with 34 billion assigned to Spain’s 2021 budget. The EU schemes “NextGenerationEU” and “ReactEU” are available to all member states and have a collective pot of 750 billion euro. Large swathes of the cash will be pumped into improving the country’s health and education systems.
To gain faster access to the much-needed funds, Spain has ambitious plans to modernise its tax systems to boost efficiency and reassign resources. It plans to move the economy away from dependency on the tourism and service sectors, both of which have been severely affected by the pandemic.
Spain also plans to tighten its labour laws to provide better conditions for part-time workers, who are often exploited by employers. A controversial reform will also see the country’s pension scheme changed, ending forced retirement and raising the standard age of retirement.
Madrid has until April 30th to enact its reforms to claim the funds and Prime Minister Pedro Sanchez is reportedly committed to driving through the proposals before the deadline.
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