News Local Over 100,000 private sector employees nervous over the day after lockdown ends

Over 100,000 private sector employees nervous over the day after lockdown ends

Over 100,000 private sector employees and more than 25,000 small to medium businesses owners are nervous over the day after the new lockdown in Cyprus ends on January 31.

The island’s second total lockdown came in effect on Sunday in a bid to curb the alarming spread of the coronavirus.

At a time when added value to the economy is lost after the closure of the retail sector and that of the wider tourism has shrunk substantially since March 2020, the construction industry continues operation.

This, at least, keeps a significant part of the economy alive, Philenews reported on Monday.

To address the rising problems, Labour Minister Zeta Emilianidou has presented eight support schemes at the cost of around €130 million. These primarily provide allowances to cover salary costs for companies with full and partial suspension of operation.

They cover, among others, hotels and other tourist accommodation, tourism-related businesses and several groups of self-employed individuals.

As for Minister of Finance Constantinos Petrides, he has presented a new package of measures to support companies and independent employees.

The plans touch on state sponsorship to cover rents, installments and other operating expenses of companies and the self-employed, amounting to €200 million.

And all this takes place at a time when the 2021 state budget has yet to be voted in, and the government is on the edge waiting for Moody’s latest rating set to take place on January 22.

If positive, Nicosia could take advantage of an accessible borrowing market in the near future.

 

 

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