European Employment Changes Create Weak-Dollar Opportunities
SUNNYVALE, Calif. (Business Wire EON) July 2, 2008 --
Vyoma Nair, co-founder of Nair & Co, talks about opportunities the weak
dollar presents to U.S. companies expanding internationally. American
goods have become more competitive globally and increasing numbers of
companies in the United States are employing people overseas to service
their foreign customers. On the other hand, Europe appears to have woken
up to the reality of this and is tackling the contradiction of wanting
jobs for its people and on the other side having currently in place
restrictive employment legislation such as the French 35-hour week.
A number of countries have introduced some type of sweetener for their
workers who work overtime including;
Austria – In Austria, overtime pay,
which is in addition to basic pay for working overtime, is (within
limits) exempt from tax. This is conditional on the payment by the
employer being a legal obligation contained in either an individual
employment contract or a collective bargaining agreement.
France – In France, payment for
overtime can now be paid tax-free at all levels of employees.
Germany – Germany
does not regard compensation for overtime work as part of
regular income. It is not therefore subject to deductions for mandatory
health insurance.
Italy – Last month the Italian
government promised to reduce taxes on overtime.
Luxembourg – This year in Luxembourg
introduced total tax exemptions for overtime pay and on extra pay for
working nights, Sundays and public holidays.
These regulations encourage employees to work additional hours while
simultaneously putting more money into their pocket. From a U.S. company’s
perspective and given the rise of the Euro, this is a welcome change
since it may enable a company to negotiate lower pay rates with new
employees.
If you want more information on the challenges and opportunities your
company can have while expanding internationally, please visit our
website at www.nair-co.com or call
239.948.9820 (EDT-South) / 781.239.8135 (EDT-North) / 408.515.6887 (PDT)
for more information.
About Nair & Co
Nair & Co provides businesses an integrated solution geared to making
your company's thrust to expanding business overseas less risky, stress
free and more strategic in the finance, tax, HR, compliance and legal
arenas. Specialized in working with the unique challenges of US-based
technology companies, Nair & Co has headquarters in the UK and offices
in USA, China, Japan and India and acts for nearly 700 foreign
operations in over 40 countries. Nair & Co employs highly qualified
international specialists as your one point of contact client service
directors to support your international registration, tax, accounting,
compliance, HR and payroll needs. Our unrivalled knowledge base,
attention to detail and superior work ethics protect your company's
operations more effectively and save you time and money in the long run.
For more information, visit our web site at www.nair-co.com.
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