President Santos Formally Presents Proposed Law of First Employment

President Santos formally presented Congress with his proposed “Law of Formal Employment,” which is a bold attempt to increase employment in the formal economy.  As I explained in my post on the new “Law of First Employment,” the bill will create incentives (tax breaks, financing options, and the like) to encourage creation of small businesses by, and first time employment (including “telework”) of: youths under age 28; certain technical professions, the agricultural industry; women under 40; and in three specific states.  The law also aims to cut red tape and simplify labor-related procedures.

To simplify business procedures, the bill offers major revisions to simplify corporate insolvency law (Law 1116 of 2006) and speed up bankruptcy resolution (see my post on the bankruptcy law reforms and see my translation of the bankruptcy law reform proposal.)