Certified Cos To be Reimbursed Workers’ 2-Yr Social Contributions

Certified Cos To be Reimbursed Workers’ 2-Yr Social Contributions

Parliament adopted on Wednesday amendments under which companies certified under the Investment Promotion Act will get back from the state the money they paid in social contributions over two years for newly hired employees, the economy ministry said.

One condition the companies should meet is to keep their investment obligations and not downsize staff for at least three years for small enterprises and for five years for large companies, the ministry said in a statement.

The amendments, which aim to improve the business climate in the country, create opportunities for a rise in investments in value-added services and production and job creation in areas with high jobless rates, the statement added.

The also ease the terms under which foreign investors in the country can acquire citizenship or residency.

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