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Monday, December 5, 2022

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Subsidy for youth employment advances in Congress

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By majority, the Economy Commission of the Congress approved a bill that grants an extraordinary subsidy to promote the formal hiring of young people in the private sector.

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This initiative, which was sent by the Executive Branch within the Impulso Perú package, focuses on providing employment to young people between the ages of 18 and 29 —whether they are students or graduates of universities or higher institutes—, whom the State will cover up to 55 %.

Now it is up to the Plenary to give the go-ahead to the autograph so that it materializes.

Multiplier effect

From the Ministry of Economy and Finance (MEF) they assured that this law will require an investment of S/291 million 501,534; but it is expected that by encouraging employment, they will mobilize between three and four times the aforementioned amount in consumption and the business chain to reactivate as the number of people working increases.

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“There is a window for relatively new companies to join the proposed scheme. There will be more spending by workers and consumption will be demanded to help other businesses to reactivate”, explained José La Rosa, general director of the General Directorate of International Economic Affairs, Competition and Productivity of the MEF.

The subsidy for hiring youth employment seeks to promote the participation of this sector in the national economy. Photo: Andean

Priority will be given to female employment

Young people hired under this modality of subsidy will be able to access mypes and medium-sized companies with up to 100 workers.

In addition, 55% of the salary will be covered during the first three months for workers hired indefinitely, and in the following three, 27.5%.

While for women with partial relationship, 45% and 22.5% will be covered in separate periods.

Meanwhile, for men, 45% will be covered in the first three months and 22.5%, in the subsequent three, as long as they are indeterminate.

And part-time, coverage is 35% and 17.5%, respectively.

According to La Rosa, this employment subsidy —similar to others applied in a pandemic— has shown that companies tend to retain their new workers over time.

The data

Insistence. Said working group also approved PL 2113, with which the processes of acquisition of goods in executing nuclei in Purchases from MYPErú are reactivated, which was observed by the Executive for overregulating the sector as there are other existing measures.

Source: Larepublica

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