Coronavirus, second economic boost for the maltese economy
The Maltese government has announced an overall package of €70 million per month for the next three months and will be reviewed as needed to address the economic crisis caused by COVID 19. Maltese Prime Minister Roberto Abela said the purpose of the financial aid package is that various industries will be in a position to operate in order to start over quickly.
In a press conference, Abela also said that the government is ready to register a financial deficit if necessary so that the country can overcome this crisis situation.
Prime Minister Abela explained that the government will pay €800 to over 60,000 employees that their income is directly threatened by the spread of the coronavirus. This will also be applied retroactively from March 9th. If the income exceeds this amount, the employer will pay the difference for up to €1,200 per month.
Prime Minister Abela said the tourism sector will suffer a €2 billion loss, adding that Malta will be “lucky” to have tourists by December 2020. This is the sector that will be the most affected and will affect 110,000 workers, almost a quarter of the Maltese population. In this case, the government will pay the minimum wage of €800 per month for each employer or self-employed person in the following sectore; retail, wholesale, accommodation, restaurants, car rental agencies, security services, transportation and entertainment. Abela said that this will cost €44 million per month.
For sectors least affected by the crisis, the Maltese government will pay for one working day based on the hourly rate applicable to €800 per month.
This financial package was approved by all social partners who represent entrepreneurs and workers. Last week the Maltese government was criticized for not giving enough financial support when the first financial aid package was published to address the current crisis.
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