OAED programs
OAED has launched programs specifically for this group of unemployed. It subsidizes businesses that employ people close to retirement age (who still require 1,500 social security stamps and who are five years away from retirement age). The subsidy for every day of full employment is 17.61 euros for the first two years and 20.54 euros for the remaining three years. It also allows for optional social security for the long-term unemployed going toward the old-age pension. This concerns men of at least 60 and women of at least 55 who have been unemployed for 12 months or longer. The lower age limit for those in unhealthy or hazardous occupations is 55 for men and 50 for women. Businesses which give jobs to the long-term unemployed aged over 45 will receive subsidies of 21.5 euros per day for 24 months. If an unemployed person wishes to open a business, he or she will receive a subsidy of 12,000 euros.
