Overview of Cassa Integrazione and Unemployment - N.1 2014

2014 started with a reduction of authorized hours of Cassa Integrazione Guadagni, both in Italy (-5% respect to December 2013; -10% respect to January 2013) and in the Area of Milan (-8% and -13% respectively). In particular, the contraction in January 2014 was due especially to the decrease of CIG in deroga (-39% in Italy and -48% in the Area of Milan, as compared with December 2013).

As for Assolombarda companies, in January 2014 the hours of CIG Ordinaria – equal to 29% of the total amount authorized hours in the Area of Milan – diminished by 15% respect to December 2013.

The Italian unemployment rate is still high: in December 2013 the Italian unemployment rate was 12.7% while the youth unemployment rate was 41.6%. Despite the weak decrease of November 2013 (12,8%), the Italian major concern was the level of unemployment, higher than in Euro Area (static at 12%) and much higher than both German rate (static at 5.1%) and USA rate (6.7%, from 7% in November).