What did the Malta Chamber of SMEs bring through for business in this year’s budget?
18 October 2021
The Malta Chamber of SMEs has noted a number of positive initiatives that will aim...
Vince Farrugia, Director General of GRTU, is presenting to Government a package to help boost the current low level of consumer spending that is effecting many shops, bars, restaurants and other outlets of direct consumption. One main suggestion is the issue of an additional bonus which would in fact double the normal salary bonus received by all workers in June. While the June bonus is paid for by business owners, the second bonus which GRTU is proposing should be given out in May, will be paid all by Government .
The impact of doubling the mid-year bonus will have a direct impact on the level of spending during the time when tourism appears to be low according to current levels of bookings and at a time when additional incomes through second jobs and part-times jobs is very low. The recent survey conducted by GRTU measuring current consumers` purchasing power indicate that an additional boost is essential. When considering the effect this will have through income tax, VAT and other tax revenues, the net outlay of Government will not be exceptionally high. "Yes, the Maltese economy also needs its own stimulus package and it is best that we start by stimulating the consumer" Vince Farrugia said.
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