NewsWhore
10-09-2007, 02:30 PM
President Leonel Fernandez issued transitory presidential Decree 552-07 providing incentives to create and preserve jobs in the free zone industrial sector. The decree would last over a nine-month period and seeks to prevent further losses of jobs in the free zone industry. An estimated 60,000 jobs have been lost in the sector that has not been able to compete with China prices on apparel contracts.
Article 2 of the decree says that the fund will be managed by the Ministry of Hacienda in coordination with the Dominican Free Trade Zone Association (Adozona) and the National Free Trade Zone Council. The funds will be allotted depending on a company's participation in the market and based on a company's fixed employee force. Article 3 indicates that the Ministry of Hacienda has a period of no more than 15 days to establish the procedures required so that companies can be eligible for the support funds.
Jose Clase, former president of Adozona, was optimistic that the decree would enable the free zones to reinstate 30,000 employees.
Further details on how the fund would operate were not released to the press.
More... (http://www.dr1.com/index.html#1)
Article 2 of the decree says that the fund will be managed by the Ministry of Hacienda in coordination with the Dominican Free Trade Zone Association (Adozona) and the National Free Trade Zone Council. The funds will be allotted depending on a company's participation in the market and based on a company's fixed employee force. Article 3 indicates that the Ministry of Hacienda has a period of no more than 15 days to establish the procedures required so that companies can be eligible for the support funds.
Jose Clase, former president of Adozona, was optimistic that the decree would enable the free zones to reinstate 30,000 employees.
Further details on how the fund would operate were not released to the press.
More... (http://www.dr1.com/index.html#1)