In brief
Further COVID-19 relief measures were announced this week by the government to provide financial support to employers and employees affected by the continued rise in COVID-19 infections, in addition to those that had already been put in place, including those mentioned in our previous newsletter update (link). The additional measures include:
- Reduction of the contribution rate to the Social Security Fund (“SSF“) – On 18 May 2021, the Cabinet approved in principle the draft Ministerial Regulation regarding the Contribution Rate to the SSF (“Ministerial Regulation“). According to the Ministerial Regulations, the monthly contribution rates of the employers and the employees to the SSF will be reduced from 5% to 2.5% of wage applicable for the period between 1 June 2021 and 31 August 2021 (i.e., three months).
- Reduction of the contribution rate to the…
