Puerto Rico Labor Dept. allocates $11.9M for job creation, retention
To strengthen Puerto Rico’s labor market and economy, the island’s Labor and Human Resources Department announced the allocation of $11.9 million in incentives to foster the creation and retention of approximately 770 jobs through various private employers, representing multiple economic sectors and nonprofit entities.
The incentives come from the Work Opportunity Promotion Fund created by Act 52-1991 and mostly supports small and medium-sized enterprises in hiring and retaining young people, people with disabilities, older adults, individuals with criminal records, and providing first employment experiences.
“For the current fiscal year, 261 private sector employers and nonprofit organizations complied with the orientation and proposal submission requirements and were selected to receive incentives aimed at job creation and retention, which this time exceed $11 million,” Labor Secretary Gabriel Maldonado-González said.
“Although we have an unemployment rate of 5.8% – the lowest in our history – and the highest levels of labor-force participation and employment in more than a decade, these incentives are one of the tools our agency has to continue supporting job creation in small and medium-sized enterprises; the inclusion of more individuals in the workforce through diversity, equity and inclusion; the historic reduction in the unemployment rate; and in the case of nonprofit entities, it also ensures the provision of essential services to the segments of the population that need it the most, in accordance with Gov. Pedro R. Pierluisi’s public policy,” the government official added.
In the case of the 51 nonprofit entities, the total funds allocated are $2.1 million, which will sustain 126 jobs, supporting their “commendable work” in providing community impact services, education, health and financial education, among others, “aimed at our most disadvantaged populations,” according to the news release.
The allocation for the 210 private sector employers is $9.7 million, for the creation and retention of 644 jobs in sectors such as manufacturing, services, agriculture, tourism, education and food,.