Daily Press review - 18/2/2018

805 new jobs in public and private sector

Hundreds of jobs in the private and public sector (Department of Medical and Public Health Services of the Ministry of Health, Department of Public Works, Department of Town Planning and Housing, etc). Wargaming, Ernst and Young Cyprus, Remedica, Alphamega, IKEA, EuropeFX , Frou Frou Group, Gan Direct, XM, Public, Leroy Merlin, Primetel, ICTS, Integrated Casino Resorts, CTC-ARI Airports, Ermes Group, Pafilia, Tickmill, Costa Coffee, Engino, Human Asset, Pandora Bakeries, VivaWallet, Logicom, American Medical Center, ADME (CY), Trust Insurance, Azadea Group, Laiko Cosmos, TGI Fridays, Baker Tilly, Sports Direct, are some of the companies which have announced new job positions at Carierista. Please visit www.carierista.com to check all announcements and press like on Carierista’s page in order to remain updated.

Panos Galanos: A remarkable person
Phileleftheros reporting on the recent passing of Panos Galanos, states that he was one of the founding fathers of Hellenic Bank. He took over the management of Hellenic Bank in 1996, as president and executive director until 2005. The Bank’s growth and development for which he has been the founder along with his close associates, was a remarkable one, offering not only knowledge but vision and admirable results. From the very beginning, he served with passion, modesty, and proven honesty. Panos Galanos was a remarkable person and an excellent technocrat, devoted to his goals with seriousness and responsibility.

€10m loans to innovative businesses from BOC and European Investment Bank (EIB)
Alithia reports that Bank of Cyprus in collaboration with the European Investment Bank (EIB) will offer loans through the European InnovFin program, €10m to innovative businesses or businesses with innovative ideas and program. According to the Bank’s announcement, the purpose of the loan is to promote innovation in Cypriot businesses so that new or current companies remain competitive in the business environment with prospects of survival and growth. The loan will range from minimum € 25,000 to maximum € 500,000 with duration from 12 to 120 months. Businesses will submit their applications directly to the Bank of Cyprus.

Postponement of foreclosures at the suggestion of Pavlos Ioannou
At the suggestion of the Financial Commissioner Pavlos Ioannou, the Cyprus Asset Management Company (KEDIPES) and ALTAMIRA agreed to postpone the foreclosures of primary residences of those beneficiaries or potential beneficiaries of the Estia scheme until the end of June. This is considered a very favourable development that will make it easier for people who intend to take measures to protect their primary residence through sustainable loan restructuring. Furthermore, those with scheduled foreclosures, will have the option to apply for cancellation of the foreclosure on the bases that they will arrange for a sustainable restricting arrangement until June 30, 2019 says the Commissioner.

Selling what they said they would return to communities
Politis reports that AKEL has sent a letter to the Minister of Finance asking to be updated regarding the assets of former Cyprus Cooperative Bank and at the same time announcing that they asked for a thorough investigation of this issue by the Audit Committee of the House of Representatives. AKEL calls for an investigation following the accusations of various communities that assets that the President promised they would be used for public interest, were sold or were in the process of being sold by the Cyprus Asset Management Company (KEDIPES). The government has promised the return of Cyprus Cooperative Bank real estate to communities and municipalities.

Conflict between Clerides and Polyviou
Attorney-general Costas Clerides exchanged angry words in court on Friday with prominent attorney Polys Polyviou whose law firm had been at the centre of allegations regarding links to the supreme court. The two were appearing before the criminal court in the case against five bank executives over the handling of Greek government bonds that eventually caused the lender huge losses. Two former executives, Andreas Eliades and Yiannis Kypri had been acquitted in the same case. The charges relate to market manipulation by falsifying the lender’s 2010 annual report. The case continues for Christis Hadjimitsis, Nicolas Karidas, Christodoulos Patsalides, Eliza Livadiotou, and Despina Kyriakidou. The state has appealed their acquittal and on Friday Clerides appeared before the court to request an adjournment pending the appeal. Polys Polyviou, defending Livadiotou, blamed the attorney-general and the Legal Service for the delays in the trial, describing their actions as “misguided.” “This is the big difference’ I don’t blame the court; the responsibility lies entirely with the Legal Service and the attorney-general for the turn the case took with the misguided actions documented in the interim decision (that acquitted the two),” Polyviou said. Clerides took offence, replying that such an accusation should not be voiced in a courtroom. “We exercised the right to appeal; we have every right to be heard by the supreme court of this country as do the defendants who exercised their right to raise pretrial objections,” Clerides said. To this, Polyviou retorted by referring to recent allegations that his firm controlled the supreme court.

Liquidity is a headache for Bank of Cyprus
Phileleftheros reports that Bank of Cyprus faces a big dilemma regarding its liquidity management. Excess liquidity which mainly comes from clients’ deposits at the Bank must be deposited at the European Central Bank. The problem arises due to the fact that Bank of Cyprus which deposits an amount in addition to the liquidity that approaches €2b in the ECB receives a negative interest rate. Basically, instead of receiving interest rates for its deposits at ECB, Bank of Cyprus pays an interest rate of 0.4. A Bank’s member stated that liquidity costs a lot and we would like it to be reduced. He went on to say that they are in the process of searching for borrowers and projects that need funding. In this way Bank of Cyprus will be able to avoid big obligatory deposits in the ECB which involve cost.

Construction on the rise
Politis reports that despite the fact that the construction sector is far behind the 2008 level, it has regained part of its losses and has boosted development. The Ministry of Finance study on the Cyprus Investment Program consequences contains a detailed review of the construction sector which is now again strong after 2013. The same data show the boost to the sector through the program especially in employment. According to the study, the contribution of the construction sector in GDP development in 2016 was 1.6 and 2 in 2017. In 2016, the GDP increased by 4.8 and in 2017 it increased by 4.2 and as a consequence the construction sector is vital for the Cypriot economy. The recovery of the industry is reflected in the issuance of building permits, a leading indicator of the sector. In 2008 it reached the maximum when construction sector was at its peak. Subsequently with the collapse in demand and the economy entering in deep crisis, it followed a downward trend until 2014-2015. In September 2018 the permits have shown an increase of 32.2 against the corresponding period of the previous year for residential buildings and hotels.

Society is open to an online banking system
Our era is characterised by the radical advancement of technology, which has inevitably impacted on the way credit institutions operate. Digitisation has changed the landscape and the dynamic of financial services at lightning speed, creating new challenges but also opportunities for the banks, their business models, products and services. Responding to the needs of the new era, AstroBank presented the sKash electronic wallet, which is a pioneering, innovative product that has already shaken up the market. Astrobank is the first Cypriot bank to bring such a product to the market and its intention is to invest further in the field of technology in 2019, offering services and products that are tailored to Cyprus. Special emphasis is placed on technology and innovation, as Astrobank believes that investing in these sectors can lead to multiple benefits, not just for the bank but also for the business community, the consumers, and the economy.

Small banks grow
Phileleftheros Economy reports that there are changes among the non-systemic banks with small banks growing through takeovers. In March 2013 Bank of Cyprus absorbed good Laiki and five years later in September 2018 the good part of Central Cooperative Bank projects was transferred to Hellenic Bank. Now it is the turn of small banks through the disinvestment of some Greek banks from their subsidiaries outside Greece. The latest developments are the negotiations between Astrobank and National Bank of Greece management in order to acquire its subsidiary in Cyprus. According to all indications negotiations are at an advanced stage following the completion of due diligence. Astrobank acquires the National Bank of Greece in Cyprus without non-performing loans. As a result Astrobank improves its balance sheet. Astrobank in summer 2018 announced the agreement signature with USB Bank in order to absorb its bank projects including its staff and with only exception a few of its assets.

Capital increases Hellenic Bank’s choices
Phileleftheros Economy reports that Hellenic Bank’s CEO Ioannis Matsis is optimistic about Hellenic Bank’s progress. He estimates that with the new capital that will flow into the bank there will be more options for growth and better management of non-performing loans. At the same time, in combination with Central Cooperative Bank absorption the possibilities for development and viable profitability are improved. Mr. Matsis goes on to say that economic situation today is improved and this is why we consider that the acquiring the good part of the Central Cooperative Bank took place at the right time. The most important fact is that with this agreement the non-performing assets picture changes. Non-performing assets index has been reduced from 51.6% to 25.6%, while the Index of Capital Adequacy is estimated at 20.4% taking into consideration the capital increase of €150m which is going to be completed by the end of March 2019.

There are state bonds for natural persons The Ministry of Finance from 2014 onwards provides bonds for investment by natural persons. The issuance of these bonds takes place every month and their duration is six years. During the last month 101 persons bought such bonds with an investment amount around €7.3m. The bond’s performance starts from 1.75% and reaches 2.5%. These performances are easily compared with the deposits performances at commercial banks.

Collective investments have increased
Kathimerini Economy reports that collective investments managed funds in Cyprus rise to €6.3b. This proves that collective investment management companies choose to invest in Cyprus. The contribution of collective investments in economy’s development is important because it contributes to the development of financial services, while the operation of collective investments organisations includes investments managers, depositaries, accountants. In addition to this, investments ease the direct supply of private capital to real economy and are an alternative source of businesses funding and other infrastructure projects. Based on statistical data for the fourth quarter of 2018, Cyprus Securities and Exchange Commission has under its supervision 173 collective investments management companies and collective investments organisations. 118 out of them have increased activities against 18% in the last quarter. 74 companies are externally managed organisations, 64 internally managed and 36 are external managers.

Cyprus to tap markets with new €1b bond on Tuesday
Cyprus is about to issue the biggest bond ever in order to gain €1b. Announcements regarding the issue of the European bond of 15 years duration are going to be made tomorrow and the day after the offers book will open. The interest rate is estimated to range at 2.90%- 3%.

Many benefits from the involvement of CSE in the energy market
Cyprus Stock Exchange (CSE) interest in being involved in buying electricity in Cyprus was not a surprise. Its proposition was dealt with caution at the House of Representatives and more details were asked which were given last Thursday in a letter from CSE President, Marinos Christodoulides to the Minister of Energy, Yiorgos Lakkotrypis. In an interview of Mr. Christodoulides in Kathimerini he points out that if CSE is responsible for buying electricity this means 40% less cost, while he explains the perspective created with the connection with the European market. The software already operates in Greece’s energy stock exchange, while for Cyprus an additional license will be bought and this way we will save money says Marinos Christodoulides.

Anastasiades says he remains committed to a federal solution
President Nicos Anastasiades said that despite time is of the essence, he would not blindly accept what is being dictated to him just because the prospect of refugees getting back their property diminishes over time. In an interview to daily Politis published on Sunday, Anastasiades reiterated that without the July 4 document containing clarifications on the Guterres Framework, the terms of reference for the resumption of the settlement talks will be incomplete. Anastasiades had said earlier in the week that, even though there’s only one document dubbed as the Guterres Framework, given to the two sides during talks in Crans Montana, Switzerland, in the summer of 2017, the government relies heavily on the clarifications on the Framework given on July 4. The Framework, the government said , does not refer to abolition of guarantees and intervention rights. The July 4 document, however, is missing, Anastasiades had said. UN Secretary General special envoy, Jane Holl Lute, is to try and locate the document on the request of Anastasiades following their latest meeting in Nicosia.

President seeing Akinci with a package of ideas
President of the Republic Nicos Anastasiades will pursue as the starting point for his discussions with Turkish Leader Mustafa Akinci on February 26, the idea of a decentralized federation (or loose federation, as originally stated). Nicosia considers that this can also assist Mustafa Akinci, who is trying to find a way out to save himself politically by taking on a role that Ankara has long taken away from him. According to sources, a ready proposal for the decentralized federation does not yet exist, but the Government has instructed academics to develop ideas and present them. For Nicosia, as explained from the beginning to UN special envoy Jane Hall Lute, the important issues to resolve are the issues of a smoothly functioning state, the clarification of the "political equality" as determined by UN resolutions, as well as by all federal constitutions, the use of veto for the Turkish Cypriot community issues only, as noted in president’s Anastasiades proposal on 5 July 2017 in Cran Montana, and the issue of the "positive vote", which if adopted as is it is expected to create problems.

President: The terms of reference will be incomplete without the 4th of July minutes
President of the Republic Nicos Anastasiades in an interview with Politis said that Jane Holl Lute’s terms of reference will be incomplete without the minutes of 4 July 2017. ‘The question is whether and if, on the basis of a vague document that does not reflect what the UN Secretary-General considers as the six major issues, the terms of reference can be drawn. They will be incomplete and inaccurate because the proposals I tabled on July 5th were also based on the July 4th document which is important’, the President explained in the interview.

The 4th of July minutes may not be lost after all
The controversy of the 4th of July minutes seems to create an additional red line for the continuation of the negotiations on the Cyprus issue. The Greek Cypriot side is trying to send the message out in every direction that the whole issue should clear up as soon as possible, emphasizing at the same time the difficulties that arise not only in concluding the terms of reference, but also in resuming the negotiations. Nicosia has stepped up its efforts in the last fifteen days to clarify the issue of the "missing minutes" of the 4th of July. It appears that perhaps the issue is that the minutes were not shared with Jane Hall Lute, which also raises further concerns on the Greek Cypriot side about the reasons for attempting to pass the message that the clarifications of the 4th of July are not recorded anywhere, and that what applies is the framework as first appeared on 30 June 2017.

“Lucrative” plots for sale in the banks’ possession
The value of assets on the portfolios of REMU and APS was estimated at over €1.6b at the end of the third quarter of 2018, according to financial data published by Bank of Cyprus and Hellenic Bank. The assets were acquired through debt-to-property swaps. The total value of REMU’s assets was €1.43b, of which €585m were land plots; in the first nine months of the year, REMU sold plots worth €82m. As for APS, its portfolio contained assets worth €164m at the end of Q3 of 2018, with 49% of the total being land plots. InBusiness.Reporter presents the most expensive assets on the lists of REMU, APS and Altamira, including a 33,335 square-metre plot in Pyla worth €19.25m (REMU), a 75,690 square-metre plot in Lakatamia (APS) and a 13,542 square-metre plot in Ayia Napa with an estimated selling price of €6.14m (Altamira).

Banks – Restaurant foreclosures due to debt
A number of restaurants in almost all the districts are being put to auction, due to their owners’ failure to service their debts. February’s list contains seven restaurants and one café. And for the first time ever, a hotel in Old Town Nicosia is being foreclosed. According to Phileleftheros’ sources, the 485 square-metre Rimi Hotel has four storeys, 26 rooms and is 65 years old.

The other major headache!
There appears to be no respite from the major financial headaches resulting from the 2012-2013 crisis or other mishandled issues. Even though some of the cases (such as MIG/Andreas Vgenopoulos and FBME) have been handled successfully in legal terms, there is another headache on the horizon, in the form of the trial over the pay and pension cuts in the public sector, semi-government organisations and local administration. The first instance court vindicated the pensioners, an appeal was lodged by the Law Office in February, the speeches were made and the ruling is pending. If the pensioners are vindicated, then this will be a precursor or the rest of the state employees to follow suit, forcing the economy into new adventures.

Combining lawsuits
Ex-Laiki depositors’ association SYKALA said in its bulletin that the court ruling on its members’ request to combine the lawsuits on their lost deposits is expected within the new few weeks. The association made the request for a small number of lawsuits to go to trial, the rulings for which will set the tone for the rest of the cases. SYKALA said the Republic of Cyprus (Law Office) appeared positive to this request, but Laiki Bank, the Central Bank and Laiki’s auditors want the cases to go to trial separately.

Debate on all matters relating to corruption and transparency
Students, Auditor-general Odysseas Michaelides and the president of the Cyprus Integrity Forum held a debate on all matters relating to corruption and transparency last Friday, 15 February. Michaelides called on students to express their contempt against corruption scandals, so there can be a shift in society.

Lythrodontas wants its building
The Lythrodontas community held a protest yesterday against what it said was the President of the Republic’s failure to live up to his promise to return Co-op-owned buildings to the local authorities, communities and municipalities. In the case of Lythrodontas, the building which belonged to the former Co-op and was being used to sell building materials and farming products, was recently sold to KEDIPES. The community’s leader Lambros Louka said yesterday that the Community Council had also submitted an offer to purchase the building for €100,000, to turn it into a cultural centre. However, the building was sold to a private investor and the question now is whether these actions were legitimate and how similar cases will be handled.

“Cypriot” investor under investigation
A Kenyan billionaire who has been granted a Cypriot passport is under investigation for tax evasion and money-laundering by the authorities in the African country, it was reported on Friday. According to Kenya’s Daily Nation, detectives questioning Humphrey Kariuki over tax evasion were surprised on Thursday to find out he is also a citizen of Cyprus, something he was obliged to disclose under the country’s laws. The newspaper said the passport had been issued in May, 2016. At the time of the application, Kariuki had given Larnaca as his place of residence.

FinMin ready to issue bond
The Finance Ministry’s preparations to issue an international bond to tap the markets for fresh liquidity have entered the final stretch. The tender book for the 15-year bond is expected to open tomorrow, according to Phileleftheros’ sources, with the aim of raising at least €1b.

‘No’ to the EAC
The Council of Ministers did not approve the 2019 budget of the Electricity Authority of Cyprus (EAC) at its most recent session due to certain disagreements expressed by the Finance Ministry, according to Politis’ sources. The delay in approving the budget is expected to cause operational and other problems for the authority. Energy Minister Yiorgos Lakkotrypis called an urgent meeting with all parties involved last week, and the Finance Ministry relented on one of its objections (over hundreds of promotions) while the EAC backed down on its demands over the provident funds and reinstatement of certain benefits, according to the sources.

Injured crew member airlifted from ship off Limassol
Authorities airlifted early on Sunday an injured man from a Russian flagged vessel sailing off Limassol to the Nicosia general hospital. The Larnaca Joint Rescue Coordination Centre (JRCC) received early on Sunday an emergency call from a Russian vessel located southeast of Limassol, requesting immediate transport of a crew member who was injured in the head after falling from high altitude. The JRCC sent in a police helicopter and a specialised nurse to pick up the injured man from the ship and airlift him to hospital. Due to the severity of his condition, he was taken to the Nicosia general hospital.

Tobacco – Illegal substances
Haravgi reports that despite the fact that Cyprus does not have a high rate of illegal substance use, the problem of addiction and dependence with regards to illegal substances as well as legal activities such as smoking, consuming alcohol and gambling is apparent. An important increase was observed with regards to people who applied for treatment, demonstrating an increase in the number of drug users. However the exact number of drug users, cannot be determined since some people do not request help. At the moment there are four rehabilitation centres for minors and in 2017, 112 minors have asked to participate in these programmes. The article reports that it’s worth noting that only 1.7% of funds is being spent on prevention and research programmes for illegal addictive substances.

Casino-resort expands
Phileleftheros reports that last July, when the Environmental Authority had greenlit the construction of the casino-resort, which includes a 466-room hotel, a conference venue, a wellness centre etc, said that it does not intend to evaluate any request for a future increase of the current coverage factor for the project in question. However, a few days ago an Environmental Impact Assessment was published on the Environmental Department’s website concerning the demarcation of existing private plots, into 78 land development plots, a public road network, social Infrastructure areas and public green spaces in Zakaki. Cyprus Phassouri (Zakaki) Ltd (which is part of the consortium that along with Melco will be developing and operating the casino-resort) is the project’s operator. Phileleftheros notes that the City of Dreams Mediterranean Integrated Casino Resort by Melco/CNS will be bordering on the demarcated plots and is currently under the control of the Republic of Cyprus. Furthermore, the project under review is located on fertile and irrigated agricultural land which is also within the Important Bird Area of Peninsula Episkopi Cliffs.

Tender procedure for Elliniko casino license in the works
The announcement of an international public tender for the casino license of Elliniko (Greece) has been prepared and is ready to be sent to the European Union Gazette. This is the first necessary step before the public tender procedure is officially announced. If nothing goes wrong, by the end of next week, the competition will be live and the 60-day deadline will begin, stipulating when interested parties can submit their offers. The text of the announcement took its final form yesterday (15/2), after a meeting of the Gaming Supervision and Control Commission. The tender competition will concern the amount that the Greek public sector will receive for the license (one-off fee and instalments – will be defined by the lowest offer) and will be concluded in one stage, involving direct binding offers. However, the technical characteristics of the proposal will also be considered. The Integrated Resort Casino, will include apart from the casino, a hotel and conference centre, a venue of cultural events etc. The value of the investment may exceed €500m. Multiple companies have expressed their interest in the IRC, including the American Ceasars Entertainment, Mohegan Gaming & Entertainment, Hard Rock International, the Malaysian group Genting, the French Groupe Barrière as well as a small number of investment capital which will possibly cooperate with the aforementioned specialised casino operators.

Betting: “Cash-out” returns
The House Plenary is expected to ease the worries of thousands of online betting gamers, by voting for bills which will allow the return of “cash-out” to the Cypriot market. The “cash-out” is a new function that has been adopted by many betting companies and in essence allows people to close/settle a bet before its time of completion runs out.

Commission greenlights Limni bay project
With a letter signed by the European Commissioner for the Environment, Maritime Affairs and Fisheries, Karmenu Vella, addressed to the Minister of Agriculture of Cyprus, the Commission said declared its satisfaction with the necessary balancing measures that the Republic has proceeded to adopt and which are also integrated in the licenses, in order to control the effect of human presence on the beach where the Limni Bay project will be erected. The Ministry adopted measures in order to reduce the effect of lighting and illumination on the beach and as well as in order to increase the effectiveness of the zone of protection in the area. With this letter, the Commission effectively greenlights the Limni Bay project which was initially a Shiakolas Group project and has now passed under the ownership of Bank of Cyprus. The project will cost €93.272.015. The infringement case against the Republic of Cyprus has now officially been terminated, while the Cypriot authorities must report to the Commission on the implementation of the conditions and general environmental terms of the project every six months.

No to GHS from Cyprus Association of Nephrology
The President of the Cyprus Association of Nephrology, Kyriakos Ioannou says that the Association does not agree with the proposed General Health System (GHS). He argues that the quality of health services is undervalued and that the vision for a comprehensive health system with easy and free access to all doctors and hospitals has been lost. However, he states, the Society is prepared to cooperate with the competent authorities. Phileleftheros further reports that retirees have warned that the GHS must be implemented on 1st of June, since the elderly cannot be troubled any longer at public hospitals.

HIO should be flexible with regards to reasonable requirements
Haravgi reports that the President of the Republic has asked the Health Insurance Organisation to be open and flexible to reasonable requirements. The President however seems determined about the implementation of the GHS based on the philosophy of the legislation, which was unanimously passed by the House of Representatives and within the framework of the current budget, which is estimated at €1b a year. 55% of this amount comes from the state, 20% from employers and the rest from self-employed and other earners. As it concerns the taxation of the Provident Fund, the HIO has said that there is still time to discuss it. The HIO is now in talks with health care providers such as pharmacists, pharmaceutical companies and clinical laboratories. The Organisation has yet to discuss with CyMA following their row over the memorandum of understanding. Up until now, around 230 personal doctors have registered online and the registry will remain open. The HIO continues raising awareness in doctors circles, having realised that there is too much misinformation.

Parliament approves €68.7m budget for health scheme
Parliament has approved the €68.7m budget for the body that will run the Cyprus General Health Scheme, with €55m being allocated for wages of hospital staff and officials of State Health Services Organisation OKYPY. While the House gave the green light to the OKYPY budget, essentially setting in motion the biggest reform in the country’s health care system, MPs agreed that the €40,000 basic salary of OKYPY chairman David Nicholson’s should be “cross-checked”. A House source told the Financial Mirror, MPs felt obligated to “cross-check” Nicholson’s salary after the Attorney General found there may be a conflict of interest in his appointment as Nicholson and his wife are directly connected to NHS hospitals in Britain, which was not made known when he was appointed. The former chief of the NHS had not disclosed several associations with NHS institutions such as the Worcestershire Acute Hospitals NHS Trust which provides hospital services to three hospitals in Britain. Nicholson had served as interim chairman of the board of the trust. The government had come under fire over the appointment of Nicholson, with Health Minister Constantinos Ioannou stating earlier this month that the government is pleased with Nicholson’s work at the organisation. A universal national health system will be rolled out in June as a first phase and phase II will follow next year.

GHS implementation at random
The spokesperson of Cyprus Association of Private Clinics and Hospitals, Marinos Soteriou has said that HIO’s planning is so bad that the General Health Scheme is unlikely to be viable. He also warns that hospitals that have asked to participate in the GHS will not survive easily. He goes on to say that the HIO must convince the Association, so that the heads of clinics can participate in the GHS. He is certain that this GHS will collapse completely before or immediately after its implementation. Finally, he says that a health scheme cannot be implemented with political decisions that are not met with the necessary financial requirements.

Businesses prepare for GHS
Phileleftheros Economy reports that there is ignorance and panic among the business world regarding employees’ and employers’ contributions in view of the GHS implementation. Businesspeople are rushing to upgrade their software with regards to changes that will occur in their payroll, in less than two weeks. The Employers and Industrialists Federation (OEV), has concentrated questions and requests for clarifications and sent them to the competent departments of Social Insurance and Tax Department, in order to clarify them in an official manner.