A new economic rescue package to support important industries in Malta due to the only COVID-19 pandemic has had further wholesale upgrades sanctioned by the Malta Labour Party.
The Prime Minister Robert Abela announced a new set of economic measures yesterday in a bid to protect Malta’s business community and workforce with its Treasury pledging to commit €61m per month to support the employer for its hardest-hit sectors.
Abela stated that the Labour Party had sanctioned the drastic measures in order to secure private-sector jobs, in an attempt to protect over 66,000 workers employed in hospitality, retail, leisure and travel.
The new package has been supported by Malta’s trade union and industry bodies, which had previously criticised the Labour Party for focusing its COVID-19 business support on tax deferments over workforce subsidies and cost cancellations.
Support measures will see the government pledge €17m per month to help business sectors that have been impacted by reduced consumption during the crisis. Furthermore the second fund will help payroll subsidies for private businesses operating in manufacturing, finance and IT-related sectors.
The government’s new rescue package has been supported by Malta businesses who have agreed to pay a minimum of €400 per month for each employee, bringing Malta’s workers a wage of €1,200 during the outbreak.