May 09, 20 - 6:54 pm - LABS

Government of Colombia publishes decree for the subsidy of the payroll of employees during the pandemic

The government of Iván Duque in Colombia published the Decree 639 of 2020 last night, a regulation detailing the economic relief that will benefit small and medium-sized companies in the country. One of them is the subsidy, equivalent to 40% of the minimum wage, for workers of companies that have had a 20% drop in revenue due to the COVID-19 pandemic.

According to the newspaper La República, this subsidy, which was called the Formal Employment Support Program (Paef), will be in force for the months of May, June, and July 2020.

Besides the 20% decrease in revenues, the companies interested in applying for the subsidy must have been established before January 10th, 2020.