Associations say layoffs happening despite revenue returns

According to a survey which covered more than 500 businesses in the Northern District, as many as 30% of businesses were laying off employees despite retaining up to 90% of their revenue year-on-year.
Wong Kin Chong, president of The Industry and Commerce Association of Macau Northern District, revealed the survey results to Chinese media after a public event held over the weekend. He added that some businesses in the district were on the brink of closing or had already ceased operations.
Meanwhile, Lei Cheok Kuan, president of The Industry and Commerce Federation of Macau Central and Southern Districts, told Chinese media, also over the weekend on the sidelines of a public event, that small and medium-sized enterprises in the two districts reported resumption of revenues up to 70%, with an average of 50%.
Lei added that slightly below 10% of businesses operating in the two districts were considering terminating staff. The same percentage of businesses, on the other hand, reported the need to cut staff.
In the future, Lei hopes shopping events and the government’s assistance in promoting the districts can help alleviate the difficulties faced by businesses there. “It can help tourists make early preparations on where to visit in the districts,” Lei said.
Wong expects both the Covid-19 pandemic and the economic downturn to at least last until Lunar New Year. Similar to many business personages, Wong called for the return of tourism activities as he sees Macau unable to support itself with internal consumptions only. AL