Salary Subsidy for Employment Retention - June 2020 Application
Tax Newsflash Aruba
The Social Insurance Bank of Aruba (SVB) announced additional requirements and conditions for the application of the salary subsidy for the month of June 2020.
In this newsflash we will provide you with a summary on the additional condition and further requirements related to this salary subsidy application.
Agreement reduction scope of work
As of June 2020 an additional condition applies which includes that the employer has to conclude a written agreement with its employees as to a reduction of the scope of work with at least 20% (maximum 40%).
SVB is preparing a form that will be made available on the digital portal MiSVB of the employer. This form has to be completed and signed by all employees and uploaded to the digital portal MiSVB of the employer for the salary subsidy application to be processed. In the event an employee opted not to sign the agreement or if its signature is missing, this employee (or employees) will not be eligible for the June 2020 salary subsidy. SVB indicated that if this form is not uploaded to the digital portal of the employer, the salary subsidy application will not be approved.
The application for the salary subsidy must be completed and submitted ultimately June 13, 2020. If the application is approved, the salary subsidy for June 2020 will be transferred as an advance to the employers registered bank account at the SVB starting June 20, 2020. The company will receive an email notification from the SVB as soon as the transfer has been completed.
It is very important for the employer to ensure that all its bank information and details are accurately registered with the SVB to avoid any delays in transfer of the salary subsidy.
We trust that you will find this newsflash helpful. Let us know if you have questions and if you would like further information.
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