The President has signed the decree “On additional measures to support the entrepreneurial activities of youth, provide assistance in employment, social protection and organization of meaningful leisure.”
The decree introduces the following procedure for creating favorable conditions to attract young people to entrepreneurship, their permanent employment, and obtaining additional income. In accordance with this procedure:
A) From May 1, 2021:
- Until January 1, 2023, employers will be refunded social tax paid for employees under 25 from the state budget (with the exception of budget organizations, state enterprises and legal entities with more than 50 percent state’s share in the authorized capital). The amount of social tax is refunded starting from the seventh month provided that the employee has been working at the enterprise for the previous six months;
- A subsidy will be allocated to young people included in the Youth Notebook (list of young people in need of social protection) at the expense of the Youth Notebook Fund in the amount of no more than 40 BCAs for starting entrepreneurial activity and for acquiring the necessary equipment and tools during self-employment;
- Business entities that employ unemployed young people included in the Youth Notebook will be given benefits for paying rent when renting state property.
B) From June 1, 2021:
- Young entrepreneurs included in the Youth Notebook and renting buildings and structures to start entrepreneurial activity will be compensated for 30 percent of the cost of annual rent, but not more than 25 BCAs, at the expense of the Youth Notebook funds;
- Professional educational organizations in which young people from low-income families study (undergo internship) will be allocated a monthly subsidy of two BCAs at the expense of the state budget.