Malta Agrees Economic Recovery Package In Light Of COVID-19

Due to the only COVID-19 pandemic, a new economic recovery programme to help major industries in Malta has had additional wholesale improvements approved by the Malta Labour party.

Premier Robert Abela unveiled yesterday a new package of economic steps in a bid to protect Malta’s corporate community and workforce with his Treasury pledging to contribute € 61 m per month to help the employer in its hardest-hit sectors.

In an effort to protect more than 66,000 employees working in hospitality, retail, leisure and travel, Abela said the Labor Party had approved the drastic steps to secure private-sector employment.

The new package was endorsed by Malta’s trade union and industry bodies, which had previously criticised the Labor Party for concentrating its business support for COVID-19 on tax deferments over labour incentives and cost cancellations.

Help initiatives will see the government contribute € 17 m every month to support business sectors that have been affected during the recession by decreased consumption. In addition, the second fund would provide payroll incentives for private businesses working in the manufacturing, banking, and IT sectors.

The new rescue plan from the government was funded by Malta companies that decided to pay a minimum of € 400 a month for each employee, giving Malta’s employees a € 1,200 salary during the outbreak.