Wednesday, December 4, 2024
spot_imgspot_img
HomeJobsWage supplement scheme tiered according to business losses

Wage supplement scheme tiered according to business losses

The Maltese Government is renewing the wage subsidy scheme for businesses affected by the coronavirus emergency, but it will do so on the basis of the losses incurred, which must be demonstrated through VAT turnover declarations in 2020 compared to the same periods in the previous year.

The new measure was outlined recently at a joint press conference in the presence of Energy and Enterprise Minister Miriam Dalli and Malta Enterprise Chief Executive Officer Kurt Farrugia.

Wage subsidies, which have safeguarded Maltese employment during a difficult year, will no longer refer to fixed annexes that divided companies into categories, entitling each of them to a set monthly amount for each worker.

Now they are looking at those who have been more or less affected by the effects of the restrictions due to the pandemic. Here’s how:

  • Companies that have experienced a 55% or greater drop in sales will receive the full wage supplement, i.e. €800 for each employee
  • Sales reduction from 45% to 54%: EUR 640
  • Sales reduction from 35% to 44%: €480
  • Sales reduction from 25% to 34%: €320
  • Sales reduction from 25% to 10%: €160

On the other hand, companies that performed better or suffered a loss of sales of less than 9% in the last year will no longer be eligible for wage subsidies, regardless of the sector in which they operate.

Companies that have had to close down will receive a wage supplement equal to their full salary.

Finally, there are some companies that are exempt from VAT, for which it is difficult to have a certified determination of losses: in this case the wage subsidies will refer to the same annexes as last year.

To access the aid linked to the Covid emergency guaranteed by the Maltese Government, rely on the support of the Malta Business Agency.

  •  
  • DISCLAIMER

    This article provides general information only and does not replace professional advice in any way. It is recommended to consult a qualified professional before making any important decisions regarding financial, legal or other matters. The author and the publication are not responsible for any errors or damages caused by the use of the information contained in this article.

    Caterina Passariello
    Caterina Passariello
    President of the Canadian Chamber in Italy, a no-profit association that aims to stenght the relationships between Canadian and Italian companies and professionals. Head of the Mediterranean Academy of Culture, Tourism and Trade Institute of Malta. Business consultant and project manager with specialization in the internationalization processes of companies. Master Degree in Management Engineering, with a Thesis about how supply-chain tracking changes with Blockchain, with particular attention to Agri-Food Supply-Chain. Interested about internationalisation, blockchain, dlt, smart contract.

    1 COMMENT

    Comments are closed.

    We are memberspot_img
    spot_img

    Related articles

    Malta has the highest employment rate in the EU: 96% of recent graduates find work by 2023

    Malta leads the EU with an employment rate of 96% among recent graduates in 2023, demonstrating the effectiveness of its economic policies and job...

    Malta’s 2024 initiative: elevating standards in temping agencies

    Malta introduces rigorous new regulations for temping agencies in 2024, targeting ethical employment and curbing abuse of foreign workers.

    Malta Enterprise extends Skills Development Incentive Scheme

    Malta Enterprise has expanded its Skills Development Scheme to support economic growth and employment by offering financial support to companies for training.

    Funding focus
    Discover the news in the dedicated section