Regulatory Alerts2022-01-01
International Trade Zone (Employment) (Amendment) Regulations, 2022
The Minister of Finance, Economic Planning and Trade enacted the International Trade Zone (Employment) (Amendment) Regulations, 2022 to redefine compensation and standardize payment entitlements for zone workers. The amendments mandate post-employment compensation for employees with five or more years of continuous service, introduce employer-administered compensation schemes, and prescribe a fixed calculation formula based on annual salary, daily working hours, and contract duration. Additionally, the regulations transfer appeal jurisdiction to a dedicated Appeals Board and clarify that excess compensation payments exceeding one day’s wage per month are subject to standard income tax.
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