The Senate approves the Law of Labor and Participated Companies by workers

It will mean that the new labor societies will have incentives for their constitution and job creation.

The Employment and Social Security Commission of the Senate has approved the bill on Labor and Participated Companies and, after including a technical amendment to the previously approved text, it must return to the Congress of Deputies for final approval. The bill was approved by the Council of Ministers on May 14, and subsequently by the Congress of Deputies.

The new law that regulates labor companies was created with the objective of making the conditions for their constitution more flexible, facilitating the hiring of new workers and including new tax credits.

Murcia, one of the regions most benefited by the reform

Amusal, which brings together the majority of labor societies in the Region) has announced that close to 1,500 new jobs could be created, since Murcia is a reference in this type of company, operating under this modality some 623 businesses employing currently some 4,327 workers, hence the importance of this reform for the Murcian economy.

A labor company differs from a cooperative in the percentage of participation in the capital by the workers, which must be at least 50%, while in a cooperative, the 100% belongs to the partners.

The new law provides:

-A relaxation of the conditions for its creation: only 2 workers are required, up to 49% of the hours worked may be provided by non-members (until now 15% or 25% depending on the number of workers), and incentives are foreseen. so that they can acquire shares of the new company.

-Tax benefits: a 99% bonus in the ITAJD in the event that the workers themselves acquire the company to form a labor company.

-The legal figure of “company participated by the workers” is created, which are those in which the workers, in addition to being partners, participate in the results.

-Subsidies: labor companies will be able to access aid of up to 500,000 euros in three years upon being recognized as entities providing services of economic interest.

If you are thinking about forming a company, or transforming your current one, do not hesitate to contact us through our contact, or directly at our offices (968 45 46 24).

Text of the reform presented in the Senate here.