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              璇戣€咃細鏅ㄦ洣

              In Germany, they call it 鈥淜urzarbeit.鈥?In France, it鈥檚 鈥淐h么mage partiel.鈥?The Brits refer to the acronym, 鈥淐JRS鈥濃€攕hort for 鈥渃oronavirus job retention scheme.鈥?/p>

              Together, these policy names form the backbone of Europe鈥檚 plan to keep unemployment here

              from spiking 脿 l鈥檃m茅ricaine.

              U.S. employers have already shed roughly 22 million jobs in the past month, with the pending April 23 jobless claims numbers suggesting it鈥檚 even worse than that. In Europe it鈥檚 a bit better鈥?8 million workers across the continent have been furloughed, the Wall Street Journal reports, citing government statistics.

              But there鈥檚 a big difference: In Europe, most of them are kept on the payroll, collecting a wage. The government鈥攊n essence, the taxpayer鈥攊s footing the bill.

              Europe is betting the crisis will be of the short, sharp variety and that the wage subsidy will be a lifeline for employees and employers, one that keeps unemployment and levels of social unrest from spiking.

              鈥淏ecause of this subsidy, businesses can more easily hold on to their workers,鈥?Florian Hense, an economist at the German bank Berenberg, wrote in an investor note on April 22. 鈥淲orkers benefit because they do not get sacked and continue to receive a compensation which, while usually below their regular pay and capped at a maximum, exceeds the standard unemployment benefits.鈥?/p>

              Europeans aren鈥檛 inventing these measures from scratch.

              Germany鈥檚 Kurzarbeit, for example, is widely credited with keeping German unemployment from skyrocketing during the 2008鈥?9 global financial crisis.

              According to Hense, German employment levels fell by just 1% during that crisis a dozen years ago even as real German GDP plunged 7%. In the U.S., the opposite effect was observed鈥擴.S. GDP fell by 4%, but unemployment climbed 5.4%.

              By Hense鈥檚 calculation, the wage-subsidy scheme saved about 1.5 million German jobs back then.

              Hense anticipates something similar happening this time, as Europe uses the payouts to minimize the 鈥渞isk of a protracted downturn caused by a more persistent shock to demand from high unemployment.鈥?/p>

              The schemes vary by generosity and duration, country by country. But they are mostly based on Kurzarbeit. That is, Hense notes, they are 鈥渄esigned to cushion a sharp but temporary drop in demand. The schemes are comparatively generous in the Netherlands and less so in Italy and Spain.鈥?/p>

              The Dutch will pay up to 90% or 9,538 euros ($10,371) of an employee鈥檚 gross monthly wages for a period of three months. Germany鈥檚 plan lasts a full 12 months, and pays two-thirds of net wages. That鈥檚 pretty generous.

              In Italy, where wages are generally lower, the Italian government will cover up to 1,129 euros鈥?worth of gross wages.

              The aid cannot come soon enough. The front page of La Repubblica ran a headline blaring: 10 million Italians are at risk of falling into poverty.

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              娲诲姩