Editing Economy of Georgia (country) (section)

===Labour regulation===

With unemployment around 16% and many jobs in the [[Informal economy|informal sector]], Georgia undertook a far-reaching reform of labour regulation. The new Labour Code was adopted on 17 December 2010. The new law eases restrictions on the duration of term contracts and the number of overtime hours, and discards the premium required for overtime work. It also eliminates the requirement to notify and get permission from the labour union to fire a redundant worker. The new law provides for 1 month's [[severance pay]] at least, replacing complex rules under which required notice periods depended on seniority and the manager had to write long explanations to labor unions and the relevant ministry. In general, new regulations make the Georgian labor market much more flexible.

Coupled with the fact that Georgia also reduced the social security contributions paid on wages by businesses from 31% to 20% in 2005, and abolished them entirely starting January 2008, these changes make Georgia the sixth-easiest place to employ workers globally.