Colombia’s labor minister said Wednesday 400,000 young people were able to find formal work in the first nine months of 2011 thanks to the government’s labor policies.
In an interview with Caracol Radio, Labor Minister Rafael Pardo said that although the results are preliminary, the figure shows that the First Job Law — which rewards employers for hiring people without work experience — has exceeded all expectations in terms of employment generation.
The minister said the sector that employed the most young people — aged under 27 — was the service sector, followed by manufacturing and then construction.
In regard to the drop of the unemployment rate to 9% in October, Pardo said he hopes it maintains it downward trend
However, the minister warned that the lower rate of unemployment in the final three months of the year is a result of the generation of temporary jobs, and the figure may increase in January and February.
Pardo said Tuesday that the number of companies that have moved from the informal to the formal sector has reached 265,000 and that he has issued a decree to allow small companies to access tax benefits.