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Global & Regional Focus Notes

13 June 2013
• Implementation of labour markets reforms has progressed substantially since Portugal entered its EU-IMF financial assistance programme of fiscal adjustment and reform in May 2011.
• Portugal has managed to address partly one of its key problems in the labour market of strict employment protection legislation (the highest in the OECD) by reducing severance payment and relaxing the protection against individual dismissals. • Substantial indications exist that labour market reforms have improved the competitive position of Portugal. The OECD index for the Employment protection Legislation places Portugal eight positions lower compared to 2008.
• The unemployment insurance system - among the most generous in Europe- was revised in terms of benefit level and duration.
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