Balearic boost for the self-employed

The Balearic Government has announced that the implementation of the zero quota will be approved this Friday for self-employed workers who have started their activity between July 2023 and June 2024. Finally, it will be applied without age restrictions and will be extendable to three years.

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The president of the Balearic Islands, Marga Prohens, announced that she will approve the zero quota for self-employed workers in the community today, with an initial allocation of one million euro. As she mentioned, this initial item could be expanded “if necessary” during the course of application of the aid.

As has been advanced, it is estimated that the new aid will reach around 1,000 self-employed workers in the territory, and will be paid through different calls. The regional Executive will proceed to open the first on April 15.

All self-employed workers who have registered with the RETA – and meet the rest of the requirements – will be able to benefit from it from July 1, 2023 to June 30, 2024. In addition, all workers will benefit, “without limits or restrictions by profile or age”, during the first year of activity.

As in other communities, this incentive that subsidises the payment of Social Security contributions may be extended for a second year in the event that the self-employed worker receives net income below the Minimum Interprofessional Salary (SMI), which this year It amounts to 15,876 euro gross per year.

Furthermore, in the case of the Balearic Islands, this zero quota will be extended for a third year in the event that the benefits do not exceed the Minimum Interprofessional Wage. In this case, the bonus will only amount to 50% of the fee.

According to Prohens, the objective is to lend a hand during the first years of activity, since “the most complicated years” occur when starting the activity and building the client portfolio, moments in which “the payment of the fee can be a deterrent.”

The initiative aims to take a step forward in our support for self-employed workers and entrepreneurs in the region, “keeping our word of being next to those who want to invest, undertake and generate more opportunities in our community”.

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