OREANDA-NEWS. August 02, 2010. A joint meeting of representatives of Ministry of Economic Regulation and the business community was held to discuss issues associated with higher rates of social insurance.

The business community was represented by the National Alliance of Business Associations, Union of Entrepreneurs of Kyrgyzstan, the International Business Council, Association of Microfinance Institutions, the Chamber of Tax Consultants, and the Legprom (Light Industry) Association.

The Law "On Amending the Law “On contribution rates for social insurance” was adopted. Earlier the Social Fund had released new data on average wages, according to which business has to pay more insurance premiums starting from July 1, 2010.

"Given the difficult situation that business faces today, many companies are seriously thinking about transferring their business to other countries. This year, actual salaries have decreased at local enterprises. We believe that now it is not the time to raise the mandatory deductions for social insurance," said National Alliance of Business Associations, Union of Entrepreneurs of Kyrgyzstan and the International Business Council in a letter addressed to the President of the Kyrgyz Republic.