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Iran needs $50,000-$100,000 to create a single job

Business Materials 30 August 2014 13:53 (UTC +04:00)

Baku, Azerbaijan, Aug.30

By Fatih Karimov - Trend:

Iran needs $50,000-$100,000 to create a single job.

Iran's labor minister Ali Rabiee said by 2025 some 7 million jobs should be created in order to remove the unemployment problem, Iran's ISNA news agency reported on August 30.

To create one million jobs annually, the economic growth rate should be seven percent, he added.

The labor minister had said on August 16 that a plan has been developed aimed to create 500,000 jobs by the end of the current year.

The Iranian calendar year starts on March 21.

The Ministry has initiated a plan jointly with the planning department of the presidential office to create 500,000 jobs by the yearend.

About $3 billion will be invested in the job creation plans, he added.

The US exchange rate in Iran is currently around 31,000 rials.

Previously, Iranian president Hassan Rouhani said 190,000 new jobs are projected to be created by the end of the current year.

Iran's unemployment rate during the first quarter of the country's current fiscal year (March 21 - June 20) stood at 10.7 percent.

The unemployment rate among Iranians above 10 years old in the mentioned three-month period was 0.1 percent more than the same period of time in the preceding year, according to the latest report of the country's Statistical Center, released on July 21.

The figure also indicates a 0.2 percent increase compared to the preceding quarter's unemployment rate (Dec. 22 - March 20).

While about 2.4 million of Iranians above 10 years old were jobless in the mentioned three-month period (ended on March 20), the figure reached 2.53 million by June 20.

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