Dec 2020 Update: Measures to Reduce the Impact of COVID-19 on Employment Extended

Posted in COVID-19 Corporate, M&A and securities

A new presidential decision dated November 30, 2020 provides a second application period for businesses that missed the previous short term work allowance application window. The short term work allowance provides direct monetary relief payments to employees of qualifying businesses. To qualify, a business must either have decreased working hours by one-third or more or ceased operations partially or completely for at least four weeks due to general financial, regional, sectoral or other compelling reasons.

Under the new application period, to ensure that their employees receive the short term working allowance for a period of up to three months starting on December 1, 2020, businesses must apply to the Turkish Employment Agency (İŞKUR) by December 31, 2020.

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