SME Chamber welcomes announcement related to wage supplement and bank moratoria

Last Updated on Tuesday, 9 March, 2021 at 6:42 pm by Andre Camilleri

The Malta Chamber of SMEs has welcomed, a first in terms of long-term visibility, announcement related to the wage supplement. It is important that businesses are given a good idea of what to expect during the coming months in relation to the wage subsidy – which was the most important scheme during the Covid period.

Today’s announcement follows an intense consultation with the Chamber of SMEs and the long-term visibililty of the wage supplement was a key proposal put forward amongst numerous others. Even though the wage supplements are essentially funds, which are passed on to the employees to cover part of the wage cost, this is still extremely important as the business’ most important resource is their employees and businesses are also doing their best not to let go of any employees.

Welcome as well is the announcement of ongoing work related to the bank moratoria. The SME Chamber is gravely concerned that once the period imposed by the central bank elapses, those businesses that need the moratorium most, will be asked to start repayments, leading to the sure demise of these businesses. The SME Chamber has been emphasising that business is far from normal and many businesses have not seen any businesses since March last year now. Ending the moratorium period will surely be a death sentence for these businesses.

Adding to the above, the SME Chamber is also in discussions with the government on other support measures necessary to continue preserving businesses during these challenging time.

Business preservation is key at a time where circumstances cannot dictate otherwise. Businesses however do not want to and cannot continue relying on government support alone. It is therefore positive that complimentary measures are to be announced shortly to help businesses with their economic activity.

All efforts must be put in place in order to drive numbers down and bring economic stability.

The Malta Chamber of SMEs emphasis that Malta must become much more aggressive in its vaccination process and ensure that the whole population is vaccinated in the immediate. Countries much larger than Malta have laid out ambitious programmes and Malta cannot lag behind. The SME Chamber calls for the vaccination distribution to be extended to private clinics and healthcare professionals who are able and willing to give the vaccine in the community.

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