President Francois Hollande has set out a 2 billion Euros job creation plan in a bid to lift France out of what he called a state of economic emergency.

Under a two-year scheme, firms with fewer than 250 staff will get subsidies if they take on a young or unemployed person for six months or more, and about 500,000 vocational training schemes will be created.

According to BBC News, Mr. Hollande said money for the plan would come from savings in other areas of public spending.

President Hollande, who announced the details during an annual speech to business leaders, said recently that the country’s social emergency, caused by unemployment, was as serious as the emergency caused by terrorism.

France’s unemployment rate is 10.6%, against a European Union average of 9.8% and 4.2% in Germany.

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