Update on Seniority Prakas
As you know, the Ministry of Labour and Vocational Training has issued the Prakas 443 on the Payment of Seniority Indemnity, which is expected to come into effect in 2019. For the past weeks, EuroCham Cambodia has been actively working in close coordination with 30 other business associations and the Cambodia Chamber of Commerce, in order to advocate with the Cambodian Government against the adverse effects of this Prakas.
In response to our efforts, the Royal Government has appointed a Task Force comprising high level representatives from the Ministry of Labour and Vocational Training and from the Ministry of Economy and Finance as well as representatives of the Private Sector that include EuroCham. Discussions are now taking place to negotiate about the negative impact of this Prakas.
In the meanwhile, we strongly suggest all members to review the applicable legal requirements with their accountants for further preparation, in order to avoid any compliance issue.
We thank you for your attention and will continue to inform you on this specific matter,
The EuroCham Team
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