Combined package worth N$650 million to assist companies hit hard by COVID-19 launched
The government this week announced a N$650 million bail-out package to assist companies in tourism, construction and aviation to sustain their salaries during the ongoing lockdown.
The Minister of Finance Ipumbu Shiimi said the government will pump in N$400 million dollars while the Social Security Commission (SSC) will pump in N$250 million dollars in a combined package meant to assist employees sustain jobs.
Shiimi said the government is using the subsidy to make sure that the country can save the potential loss of jobs going forward.
“We expect this amount to remedy job losses in the country. On the other hand we also have to put conditions that all companies that will benefit from this grant will not be allowed to retrench employees. The fund will also only assist those that earn below the tax threshold,” he said.
Shiimi said the grant is one among many other incentives being introduced to safeguard the economy from being heavily incapacitated by the lockdown.
Social Security Commission Executive Officer Milka Mungunda said her organization is also participating in the grant to secure social security for the poor and vulnerable.