Govt Mulls Lower Employer Insurance Contributions

Govt Mulls Lower Employer Insurance Contributions

An inter-ministry committee on industrial policy is considering cutting social insurance contributions paid by employers in a bid to back Greece's industrial sector, the Athens News Agency-Macedonian Press Agency reported.

The step is part of a package of measures aiming to bring down energy costs for the industry and streamline the issue of permits, the news agency added.

ANA-MPA quoted labour minister Yiannis Vroutsis as saying a reduction in non-wage costs by 3.9 points is on the agenda of talks with the troika of international lenders. Ministry sources said the estimated cost of the measure will be at least 700 million euro, as it should be offset against the benefits resulting from the additional jobs that will be created, higher profitability and greater tax revenues expected. The source also reported that equivalent steps were being contemplated to cover the cost.

The government is now considering whether the cut should be a one-off move or should take place in three annual steps, of 1.3% each.

 

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