Authorities open $1.3billion war chest to support SMEs during and after the Covid-19 pandemic.
Macau.- Secretary for Economy and Finance, Lei Wai Nong, has revealed specific measures the government is taking to help the Macau economy recover following the Coronavirus pandemic.
This includes a US$1.3billion fund that will be used to give eligible taxpayers a monthly grant of $600 for a period of three months, or $1,800 in total.
This grant will only be made available to Macau residents, with migrant workers specifically excluded from receiving the support.
Macau companies and self-employed individuals will be entitled to a grant ranging from $1,900 to $25,000, depending on the number of employees hired.
But not all the companies will get that help and the gaming industry in particular is excluded from receiving sup[port.
“They have had many profits since the handover, so I believe they can survive this situation. The support we announced is mainly for SMEs and local families,” Lei explained.
The Secretary also revealed that up to April 1 the Labour Affairs Bureau had only received a total of 27 wage reduction notifications, involving 417 employees from 19 companies and with the main sectors being wholesale and retail, followed by transport, communications and storage.