Economic Update – Baghdad
The Vice-Chairman of the Parliamentary Labor and Social Affairs Committee, MP Hussein Arab, announced on Saturday that the implementation of the Social Security Law has played a significant role in decreasing the unemployment rate to 13.2%.
Prior to the law’s enactment, unemployment rates were recorded between 16.5% and 17%. The recent reduction to 13.2% highlights the effectiveness of the new legislation in addressing labor market challenges.
MP Arab further noted that the Ministry of Labor and Social Affairs is in the process of drafting the executive instructions for the law. These instructions will be submitted to the State Council for approval before being formalized for publication.
In relation to the Workers and Employers Union Organization Law, MP Arab indicated that the law has undergone its first and second readings in the House of Representatives, with a vote anticipated in the upcoming parliamentary sessions. He emphasized that this legislation aims to harmonize the perspectives of various unions and associations, aligning them with the needs and aspirations of workers.
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