Foreign investors in Slovakia say Labour Code changes will damage job market.

By bne IntelliNews July 19, 2012
Four foreign chambers of commerce, clustering more than 500 companies with over 80,000 employees in Slovakia, have slammed the amendments to the Labor Code that the Slovak cabinet plans to make, saying they will have a negative impact on the country's troubled labour market, TASR news agency reported. Representatives of German, Austrian, Swedish and Spanish businesses in Slovakia claim that the planned reintroduction of parallel entitlement to both severance pay and a notice period as of 2013 will raise significantly employers costs and will eventually mean that fewer people will be hired. Moreover, the foreign businessmen warned about a wave of dismissals at the end of 2012, as many companies will use old rules to get rid of redundant workers. Slovakia is plagued by high unemployment, which hovers around 14%.

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