Compensation of transition payment for SMEs ending their business
Effective date: 1 January 2021
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What changes?
Do you own a small or medium business and do you plan to end your business due to retirement or illness? From 2021, you may get compensation for the transition payment you have to pay your employees. The compensation can still be awarded if your business ends because you die.
For whom?
- entrepreneurs ending their business because of illness or retirement
- businesses that end when the owner dies
When?
The change in law has come into effect on 1 January 2021.