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Portugal’s unemployment rate reaches 14.8%

Portugal’s Social Security budget for 2012 is seriously under pressure with the high number of people seeking sickness and unemployment benefits.

The government, which in its State Budget for 2012 had set aside more than €2 billion towards benefits to cover an estimated 13.4% unemployment rate, is now faced with a 14.8% rate, according to Eurostat data for January.

Unemployment among young adults aged 25 and under in Portugal accounts for 35%.

The Portuguese State now needs to find a further €167 million to meet the needs of its ballooning unemployment levels.

Portugal is now the third country in Europe with the most jobless people after Spain (23.3%) and Greece (19.9%).

Leading the European table with the lowest rates of unemployment in January are Austria (4%), Holland (5%) and Luxembourg (5.1%).

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