March 22, 2010
Bad economy spurs jobs agency deficit
Published: 7 Nov 09 13:23 CET
Online: http://www.thelocal.de/money/20091107-23097.html
Germany’s Federal Labour Agency confirmed Saturday that it is facing a €17.8 billion deficit as the worsening economy, higher unemployment claims and government support for a shorter working hours scheme drain the its coffers.
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The agency, which is financed primarily by worker and employer contributions, expects to spend almost €54 billion next year, but will take in just €36.1 billion and has just €1.8 billion in reserves to cover the deficit itself.
According to a report first published by Der Spiegel newsmagazine, the agency expects to pay out €22.5 billion in unemployment benefits in 2010, a €4.8 billion increase over 2009.
The agency’s figures are certain to intensify the political debate over planned tax cuts. The new centre-right coalition of Christian Democrats and pro-market Free Democrats have planned tax cuts of €24 billion and the FDP in particular had hoped to implement those cuts immediately. With government budget deficits projected to pass €86 billion, CDU Finance Minister Wolfgang Schäuble has indicated he would like to roll back the planned tax reductions.
DPA/The Local (news@thelocal.de)
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