Government measures need to be directed towards concrete wage support schemes, Chamber of Commerce survey shows

A survey conducted by the Malta Chamber of Commerce has shown that measures issued by the government need to be directed towards more concrete wage support schemes for employers.

The chamber issued a survey among its members on the effects government support measures will have on businesses in light of the ongoing situation surrounding Covid-19.

“The feedback coming through the survey confirmed that the stimulus package needs to be directed more specifically towards more tangible wage support schemes,” a statement by the chamber read.

On Wednesday, the government announced an economic rescue package to mitigate the impact of the coronavirus. However, the measures have been widely criticised as not being enough to avoid widespread job losses.

The Prime Minister this afternoon also held a series of one-to-one meetings with Malta's social partners to discuss their request for additional government aid to help businesses and employees in light of the burden they are shouldering due to Covid-19.

The chamber also said that an e-meeting was also held with the participation of 25 expert CEOs from around the world.

“The meeting served to evaluate creative and tangible solutions to protect employment and address the economic impasse in Malta caused by Covid-19,” a statement read.

Research and expert thoughts on the country’s potential future were also collected.

“The outcome of this discussion was communicated to the Prime Minister shortly after the conclusion of the meeting in advance of a special cabinet meeting reportedly called to discuss additional measures aimed at supporting hard-hit businesses,” the chamber said.

Ministers have been summoned for a Cabinet meeting tonight as government scrambles to adjust the economic rescue package it unveiled last week.

The bulk of the package was non-direct benefits - €700 million in deferred taxation to aid cash flow and €900 million in guarantees to enable businesses to access bank finance.

The cash injection amounted to €210 million, distributed in various measures to help sustain jobs and cushion the impact of Covid-19 on businesses.

Cabinet is expected to be given a rundown of the talks with the social partners and how the rescue package can be improved.