Decree-Law 88/2024, which establishes new regulations for the operation of micro, small and medium-sized enterprises (MSMEs) in the country, was recently published in the Official Gazette of the Republic of Cuba.
The decree will take effect 30 days after its publication, which provides a reasonable timeframe for MSMEs to change their management based on the new regulations.
According to the authorities, the objective of these changes is to strengthen the functioning of MSMEs and expand the benefits they bring to their owners, employees and customers. They also expressed their will to modernize the Cuban economy and adapt it to the demands of the market.
The central themes of this decree are bankability, corporate social responsibility and respect for the labor rights of employees, who are the driving force behind the production and provision of services in any company.
Bankarisation
According to the new regulations, MSMEs will have to operate in Cuban pesos and enable electronic payment channels through one of the available Cuban platforms. This will help the private sector participate in bankarization and the public will have more opportunities to access products and services without using cash. Information was also provided on the obligation of MSMEs to register all their operations in bank accounts, in order to make the economic movements of these entities transparent.
The need for this measure stems from the refusal of many MSMEs to provide electronic payment channels and to obstruct the process, leaving the customer with no alternative but to pay in cash.
Labour rights
Firstly, the Decree-Law deals with the protection of labor rights, for the direct benefit of the workers, for whom detailed and legal contracts are required, expressing the basic conditions of the work to be performed, the salary (equal to or higher than the minimum wage established for the public sector), the starting and quitting times, etc. They must also provide safe working conditions. In addition, they must provide safe working conditions.
The decree emphasizes the need to create and maintain work environments in which all people can participate without violating their rights, free from harassment, discrimination or exclusion.
Corporate social responsibility
One of the most welcome developments is the responsibility of MSMEs in their community and towards the population they serve, so they must commit themselves to the constant pursuit of the well-being of their employees and the public.
There is a willingness within the decree to provide avenues for workers to join unions and to ensure their safety in the work environment, creating an inclusive and respectful space for all involved.
Instituto Nacional de Actores Económicos (National Institute of Economic Agents)
To ensure compliance, a new body, the National Institute of Economic Actors, has been created. This new body is to supervise and guide the functioning of the private sector.
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