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Colombia seeks to stimulate youth employment through tax benefits

Bogotá, May 23 (Prensa Latina) The Colombian Ministry of Labor will launch a program aimed at conferring tax benefits to employers who include young people on their payrolls, according to an announcement from the entity.

The project, called “Jobs for Life”, will offer 30 percent of a minimum wage to employers for each young person they hire, between 18 and 28 years old, and will be financed by the General Budget of the Nation.

Additionally, the contractors may receive 10 percent more if any of the beneficiaries remain unemployed for the last four months.

The program, which requires employers to keep workers employed for a minimum of six months, also seeks to promote formal employment.

The contractors can be natural persons, legal entities, temporary unions, and those with autonomous assets, who must demonstrate their status as an employer.

Additionally, contractors may receive a state contribution of 35 percent of a current legal minimum wage for including people with disabilities on their payroll, 20 percent for giving a position to women over 28 years of age, and 15 percent for men over 28.

This also includes people of African descent, black, raizales, palenqueras, indigenous, gypsies, peasants and people from the LGBT community.

The program will make the first call for interested companies next June.