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Arctic: today and the future

December 10-12, 2020, SAINT PETERSBURG

Arctic entrepreneurs will receive compensations for insurance premiums


Arctic entrepreneurs will receive compensations for insurance premiums Russian Prime Minister Mikhail Mishustin has signed a decree on partial compensation of insurance premiums for the Arctic entrepreneurs.

“We will continue to improve the conditions for business, to develop the economy of the Arctic territories,” - said Yuri Trutnev, Acting Deputy Prime Minister of the Russian Federation and Presidential Plenipotentiary Envoy to the Far Eastern Federal District. He had also added that this decree changes the principle of the state work in the development of the Russian Arctic zone. He had specified that if previously the state itself invested in the Arctic, and not in very large amounts, now it is about supporting investors and assisting economic projects.

The funds will be distributed by the Far East Development Corporation. 75% of insurance premiums would be compensated. So, if, according to the Tax Code, an entrepreneur have to pay 30% of an employee's salary, his actual contributions will be 7.5%, and 3.75% instead of 15% for small and medium businesses.

The support measure applies only to new jobs at enterprises not related to mining. Individual entrepreneurs may also take advantage of it. Compensation applies to mandatory pension and medical insurance, social insurance for temporary disability and childbirth.

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