Thursday, June 30, 2011

New labor code boosts employment in Romania

As many as 527,000 employment contracts have been signed in Romania since a new labor code took effect in May, Prime Minister Emil Boc said Tuesday.

Boc, speaking at a local economic meeting, said the contracts were important for helping Romania to exit its recession.

The new labor code allows more flexible contracts and part-time employment, and imposes heavy fines and even jail for employers hiring people without signing contracts.

The jobless rate in Romania stood at 4.97 percent at the end of May, 0.44 percent down from April. The rate had surged to 8.39 percent in March 2010 -- the peak since the financial crisis.

Source: Xinhua

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