Unemployment Costs Germany More Than 70 Billion Euros Yearly

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Last updated at: (Beijing Time) Monday, July 01, 2002

Unemployment Costs Germany More Than 70 Billion Euros Yearly

Unemployment cost the German federal and local governments 70.5 billion Euros (69 billion U.S. dollars) last year, according to a report in "Die Welt" newspaper.

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Unemployment cost the German federal and local governments 70.5 billion Euros (69 billion U.S. dollars) last year, according to a report in "Die Welt" newspaper.

The report in the Monday's edition of "Die Welt" obtained the data from the Institute for Labor Market and Occupation Research of the Federal Labor Bureau.

Of the cost, 55 percent were paid directly to the jobless and 45 percent were losses of the governments at the federal, state and community levels in tax revenues and social security contributions, which people out of job were unable to pay.

However, the unemployment cost last year was fewer than the 72. 6 billion Euros (71.1 billion U.S. dollars) in 2000, because the tax reform last year already lowered the government revenue target.

Last year's cost incurred by unemployment was also the smallest in eight years, the report said.

Unemployment amounted to 3.85 million people on average last year in Germany.

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