Hashtag: #Covid19Finances
Minister Updates On Covid-19 Economic Plan
The pandemic has “unleashed both a global health emergency and an unprecedented economic crisis of historic magnitude,” unbudgeted Covid-19 expenditures for this fiscal year are estimated to be $70-$80 million, and Covid-19 will also cause a major decline in Government revenues, Minister of Finance Curtis Dickinson said. Speaking in the... Read more of this article
‘One-Time Withdrawal Of Up To $12,000′
“We will expand the scope of existing provisions for financial hardship to include a one-time withdrawal of up to $12,000, from person’s individual pension accounts,” Premier David Burt said. Speaking at last night’s [May 6] press briefing, Premier Burt said, “On Friday, the House of Assembly will meet to pass legislation that will... Read more of this article
Over $15 Million Paid In Unemployment Benefit
Over $15 million has been paid out as part of the unemployment benefit programme since its launch on March 25th, Minister of Labour, Community Affairs and Sports Lovitta Foggo said. Speaking during last night’s [May 4] press briefing, Minister Foggo said, “Last week some 2,500 applicants who have not previously received the payment of... Read more of this article
Covid-19: AON Global Staff Take Pay Cuts
Due to the impact of the ongoing Covid-19 pandemic on the global economy, AON’s Named Executive Officers, as well as its Board Of Directors, are reducing their salaries by 50 percent “in order to preserve operational flexibility,” with some others within the company expected to see a pay cut of approximately 20 percent. In an open... Read more of this article
BEDC: Details Of Business Assistance Programme
The BEDC has released details of their loan and grant relief programmes to assist small and medium sized businesses, and said that applications will be available beginning on Wednesday, April 22. A spokesperson said, “The Bermuda Government, BEDC’s Board of Directors, and BEDC recognize the economic impact Covid-19 has had on local businesses,... Read more of this article
Covid-19: BEDC Statement On Business Support
During last night’s government evening briefing, the Bermuda Economic Development Corporation [BEDC] provided information on what they are doing to “provide local business owners with support during these uncertain times in the wake of the Covid-19.” “The Government has provided BEDC with an additional $12M in funding to support... Read more of this article
BTA: Temporary Salary & Workweek Reductions
The BTA is cutting spending across divisions and instituting temporary salary and workweek reductions; with employees taking a workweek reduction of one or two days with corresponding pay decreases, while C-suite executives will maintain their full workweek while having their salary cut. A spokesperson said, “The Bermuda Tourism Authority [BTA]... Read more of this article
Minister: Economy, Unemployment Benefit, More
“As of this week, the government expects to have paid benefits to just over 5,000 persons at a total cost of approximately $8 million,” Minister of Finance Curtis Dickinson said, adding that “this represents approximately 15% of the 35,393 persons working in Bermuda.” “Small and medium sized businesses are an essential... Read more of this article
$3.4 Million Paid In Unemployment Benefit
The Minister of Labour, Community Affairs and Sports Lovitta Foggo confirmed that around 3,811 individuals have been paid the unemployment benefit, which represents a total of just over $3.4 million, and by Friday a further 1,197 applicants will have been paid for an additional cost of $966,000, bringing the total applicants paid to 5,008. Minister... Read more of this article
IMF: ‘Worst Economic Fallout Since Depression’
“We anticipate the worst economic fallout since the Great Depression,” International Monetary Fund [IMF] Managing Director Kristalina Georgieva said, adding that the economic crisis is expected to hit vulnerable countries the hardest, such as the low-income nations. Ms Georgieva said, “I want to begin by wishing my personal best to... Read more of this article
Govt Website To Report Alleged Price Gouging
The Ministry of Home Affairs, in conjunction with the Cost of Living Commission, have developed an online tool that “will allow residents to submit information regarding allegations of price gouging in Bermuda.” Speaking at last night’s press briefing, Deputy Premier Walter Roban said, “As we adapt to the effects of Covid-19 in Bermuda,... Read more of this article
$400,000 In Donations, Premier Says Thanks
“Donations and pledges have topped $400,000 from over 50 companies and individuals,” Premier David Burt said as he thanked everyone who has donated to assist the vulnerable in our community. Speaking during last night’s press briefing, Premier Burt said, “I wish to pay tribute to the generosity of all of the corporations and individuals... Read more of this article
Phone Numbers For Unemployment Benefit
Minister Lovitta Foggo provided multiple phone numbers to assist those applying for the Government’s Unemployment Benefit, some of which can be contacted via the WhatsApp messaging service. A government spokesperson said, “The Minister of Labour, Community Affairs and Sports the Hon. Lovitta Foggo provided a series of phone numbers to assist... Read more of this article
Video: Minister Unemployment Benefit Update
1,142 applicants were processed for payment yesterday and those funds should be in their accounts today and the Ministry anticipate processing more than another 400 today, the Minister of Labour, Community Affairs and Sports Lovitta Foggo said as she provided an update regarding the unemployment benefit. Minister Foggo said, “Good Day: I am pleased... Read more of this article
‘97% Of Country’s Hotel Inventory Is Closed’
“Based on what we’ve measured so far, 97% of the country’s hotel inventory is closed,” BTA Interim CEO Glenn Jones said, adding that “the impact on jobs goes far beyond the hotel sector. Our partners in restaurants and retail are similarly burdened during this crisis. Tour operators, experience providers and transport businesses... Read more of this article
92% Of Hotel Inventory Closed, 1900 Not Working
Due to the global Covid-19 pandemic, 92% of the hotel inventory across the island is closed which means that 1,900 people in the tourism industry workforce who would have been working in those hotels are now not working, Interim BTA CEO Glenn Jones said. Mr Jones — who was announced as the Interim CEO earlier this month one day before Covid-19... Read more of this article
