Monday, August 26, 2024

Labor determines the conditions for granting loans to factory owners, 27 AUGUST

 The Branch of Retirement and Government backed retirement for Laborers, subsidiary with the Service of Work, set an essential condition on Monday for conceding credits and government backing to proprietors of production lines and plants inside the modern area, while explaining the quantity of enrolled organizations working in this area.

According to the official publication, “the statistics on the number of companies are not fixed and differ from their counterparts in the government sector,” Kholoud Hayran, the Department’s Director General, stated. For instance, in the event of an increase or the end of the registration of company contracts, the current number of 250 companies may change in the future. Similar applies to the quantity of representatives, laborers and agreements, as they are in fixed numbers as per the enrolled organizations.”

“The recent decision of the Council of Ministers and the Economic Council to support the industrial sector and factories requires that they be registered within the Social Security Department,” she continued.

She made sense of that “the manufacturing plant proprietor who applies for a credit and has a 100 percent ensured laborer proportion will get an opportunity with the advance or in any field the state will uphold him and this choice was upheld by the State head.”

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