Insider Economy State to contribute towards salaries of 250,000 employees, self-employed

State to contribute towards salaries of 250,000 employees, self-employed

The Finance Ministry plans to provide the domestic market with loans up to €2 billion to maintain a security cushion.

And despite the economic difficulties, there are two positives — the liquidity of the state stands at €1.4 billion and the banking system’s liquidity surplus is €14 billion.

These figures give both the government and commercial banks flexibility, Phileleftheros reports.

The daily also looks at all measures taken by the government in a bid to help the self-employed, private sector and businesses weather the coronavirus crisis.

There are €462 million worth of fiscal measures on the table, €235 million of which will support one-month’s income. Of this sum, €180 million are for employees, €20 million for self-employed, €20 million for parental leave, and €15 million for sick leave.

The state is expected to contribute to the salaries of 220,000 employees and 31,000 self-employed individuals in March in an effort to support all those who are economically vulnerable.

The government wants businesses to stay afloat during the crisis, and after conditions go back to normal to become viable and gradually make a profit while jobs are maintained.

In addition to earlier measures, an €11m support for the recovery of the tourism sector was announced, €3m for education, €15m for students, €98m for GESY’s second phase suspension and €100 million as additional health expenditure.

It seems that foreclosures are also suspended for three months, along with tenants’ express evictions for failure to pay rent.  There is also a 10% reduction in electricity charges.

The government’s package of measures also includes direct support to businesses with a direct loss of revenue, such as suspension of VAT and Social Security payments.

 

Read more:

Coronavirus: €302m complementary budget submitted to House

Top Stories

Cyprus in lockdown: All the new measures

A new decree under the Quarantine Law Act was issued today by Health Minister Constantinos  to tackle coronavirus . This is the full text of...

Israel to use computer analysis to find likely coronavirus carriers

Israel's defence ministry plans to use software that analyses data gathered from mobile phones - produced, according to Israeli media, by the spyware firm...

Exceptions to ‘one permission a day’ rule

    Tougher lockdown rules come into force at 6 am on Tuesday, with members of the public only allowed to send one SMS to leave...

Man who assaulted police during check jailed for 20 days

The Limassol District Court sentenced a 30 year old man from Georgia on Monday to 20 days in jail for assaulting police officers last...

Cyprus tightens lockdown-UPDATE

Permission to leave the house will be limited to once a day and gatherings at houses will be restricted only to its residents, under...

Taste

Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....