ECONOMY

Major boost for tourism enterprises

major-boost-for-tourism-enterprises

Tourism enterprises stand to benefit considerably from the 60% reduction of non-salary costs for three months, included in the new package of support for seasonal enterprises that Prime Minister Kyriakos Mitsotakis announced last Friday.

With the Syn-Ergasia part-time labor subsidy program reduced to second fiddle, Mitsotakis described the next set of measures, led by the reduction of non-salary costs by at least 24.33 percentage points for three months, concerning tourism, food service and seasonal retailing enterprises.

For the July-September quarter, the cost of the measure is estimated at 600 million euros, and regards companies liable to value-added tax payment, which last summer (July-September 2019) recorded over 50% of their annual turnover. The same applies to the companies in the sectors of air transport and coastal shipping.

The state will cover the social security contributions of employers of those companies, meaning a benefit for every business that amounts to 19.5% of its total gross salaries. The same will apply to employers who participate in the Syn-Ergasia program for some or all of their staff.