The Portuguese government on Thursday announced a new plan to attract, support, and retain “qualified young people” in the country, in a bid to mitigate the increasing lack of workforces.
The plan focuses on three points: raising the national minimum wage to 900 euros (about 882 U.S. dollars) by 2026, providing incentives for companies to hire and increase salaries, and increasing income of young people.
An important program under the plan is about supporting the hiring of qualified young people with salaries equal to or greater than 1,320 euros (about 1,293 dollars).
In addition, these young people will enjoy a 50 percent discount on their income tax in the first year of their employment, with a reduction of 10 percentage points per year over the next five years.
The plan also extends the validity of the “Return Program,” which supports Portuguese emigrants, as well as their descendants and family members, with tax benefits and financing for ventures when they return to live in Portugal.
“We live in an international context of enormous uncertainty and times of great demand to respond to the challenges we face,” said the Portuguese government in the plan.
