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S KOREAN GOVT TO OFFER TAX BREAKS TO FIRMS RETAINING WORKERS.
SEOUL, May 3 Asia Pulse - The government will offer tax breaks in the form of deductions for companies that opt for job sharing instead of laying off excess workers, the Ministry of Finance and Economy said Monday.
The ministry's Tax and Customs Office said it will forward a bill to parliament in June that will provide 500,000 won (US$425) worth of deductions to firms for every worker retained instead of fired.
Many companies have poured money into purchasing new equipment that makes it unnecessary to hold onto a large number of expensive workers. The economy's inability to shake off its lethargy has also put pressure on companies to cut outlays and raise efficiency by laying off workers, which is contributing to unemployment that may reach 3.4 per cent this year, according to figures released by the finance ministry.
Under the proposal, companies can receive the deduction if they increase the number of shifts operated on a rotational basis, though it must be accompanied by a drop in working hours. Firms can moreover apply for benefits if they move to cut the number of working days from five, which the government is pushing to eventually implement nationwide, to something like four.
"If they can prove they are continuing to employ workers instead of firing them, then the government will give tax breaks for those that have not been laid off," Deputy Minister in charge of the Tax and Customs Office Lee Jong-kyu said.
The measures, which are an extension of the 1 million won the government will give to firms for every employee hired more than last year, are part of a move to get firms to employ more people.
Companies in the manufacturing, mining, transportation and logistics sectors with more than 100 employees will be eligible for the tax breaks, Lee said. In ...
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Source: HighBeam Research, S KOREAN GOVT TO OFFER TAX BREAKS TO FIRMS RETAINING WORKERS.