Macau government reveals economic support plan

The government has reduced its 2020 Macau gross gaming forecast by half
The government has reduced its 2020 Macau gross gaming forecast by half

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.

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