We would like to ensure that you are still receiving content that you find useful – please confirm that you would like to continue to receive ILO newsletters.
20 January 2021
In a 5 January 2021 press conference, the government announced details of a revision of the Wage Supplement Scheme, under which COVID-19 business aid will no longer be calculated on the basis of an entity's Statistical Classification of Economic Activities in the European Community (NACE) classification code, but rather on loss of turnover. This is a key change in approach and will likely affect many businesses.
A new method for calculating wage support for businesses hit by the pandemic was announced in the 2021 Budget, relative to which further details were given during the 5 January 2021 press conference. The support level will be calculated according to the difference in turnover declared by businesses over the six months between March 2019 and October 2019 against turnover declared over the six months between March 2020 and October 2020, and will be determined as follows:
According to publicly available information:
Moreover, the revised Wage Supplement Scheme will benefit businesses which have replaced workers with new workers. In such cases, the supplement will be backdated to October 2020.
For further information on this topic please contact Sarah Rausi at Fenech & Fenech Advocates by telephone (+356 2124 1232) or email (email@example.com). The Fenech & Fenech website can be accessed at www.fenechlaw.com.
The materials contained on this website are for general information purposes only and are subject to the disclaimer.
ILO is a premium online legal update service for major companies and law firms worldwide. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription.