VILNIUS — From July employers that hire young people will receive tax incentives under a new package announced by President Dalia Grybauskaitė on Thursday after a meeting with the Ministry of Economy.
Employers who hire people 25 years of age or younger will be allowed to keep the first year of taxes that would normally be the social contribution toward SoDra, the country’s social security organization. Grybauskaitė stated that [private_supervisor]companies making jobs for youth in this sort of economic climate, should be rewarded with tax incentives. The president said that this would be a good way to address the youth unemployment issue currently plaguing the country without resorting to a lowering of the minimum wage.
Presidential spokesman Linas Balsys confirmed to Baltic Reports that the measures had been discussed on a trip to Alytus where Grybauskaitė met with successful businesses in the region to discuss the preservation and creation of new jobs. The youth incentives were part of the discussions, he said.
The Ministry of Economy will draw up the plan, which would save employers a lot on taxes during the first year. Another option that is being considered is the offer of returning the young employee’s income tax.
The ministry thinks that the incentives will help the young integrate faster into the workforce than if the minimum wage were lowered.
Currently, the minimum monthly salary in Lithuania amount to 800 litas (€232) per month. [/private_supervisor] [private_subscription 1 month]companies making jobs for youth in this sort of economic climate, should be rewarded with tax incentives. The president said that this would be a good way to address the youth unemployment issue currently plaguing the country without resorting to a lowering of the minimum wage.
Presidential spokesman Linas Balsys confirmed to Baltic Reports that the measures had been discussed on a trip to Alytus where Grybauskaitė met with successful businesses in the region to discuss the preservation and creation of new jobs. The youth incentives were part of the discussions, he said.
The Ministry of Economy will draw up the plan, which would save employers a lot on taxes during the first year. Another option that is being considered is the offer of returning the young employee’s income tax.
The ministry thinks that the incentives will help the young integrate faster into the workforce than if the minimum wage were lowered.
Currently, the minimum monthly salary in Lithuania amount to 800 litas (€232) per month. [/private_subscription 1 month] [private_subscription 4 months]companies making jobs for youth in this sort of economic climate, should be rewarded with tax incentives. The president said that this would be a good way to address the youth unemployment issue currently plaguing the country without resorting to a lowering of the minimum wage.
Presidential spokesman Linas Balsys confirmed to Baltic Reports that the measures had been discussed on a trip to Alytus where Grybauskaitė met with successful businesses in the region to discuss the preservation and creation of new jobs. The youth incentives were part of the discussions, he said.
The Ministry of Economy will draw up the plan, which would save employers a lot on taxes during the first year. Another option that is being considered is the offer of returning the young employee’s income tax.
The ministry thinks that the incentives will help the young integrate faster into the workforce than if the minimum wage were lowered.
Currently, the minimum monthly salary in Lithuania amount to 800 litas (€232) per month. [/private_subscription 4 months] [private_subscription 1 year]companies making jobs for youth in this sort of economic climate, should be rewarded with tax incentives. The president said that this would be a good way to address the youth unemployment issue currently plaguing the country without resorting to a lowering of the minimum wage.
Presidential spokesman Linas Balsys confirmed to Baltic Reports that the measures had been discussed on a trip to Alytus where Grybauskaitė met with successful businesses in the region to discuss the preservation and creation of new jobs. The youth incentives were part of the discussions, he said.
The Ministry of Economy will draw up the plan, which would save employers a lot on taxes during the first year. Another option that is being considered is the offer of returning the young employee’s income tax.
The ministry thinks that the incentives will help the young integrate faster into the workforce than if the minimum wage were lowered.
Currently, the minimum monthly salary in Lithuania amount to 800 litas (€232) per month. [/private_subscription 1 year]
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