ECONOMY

State loan recipients will have to hold on to staff longer

state-loan-recipients-will-have-to-hold-on-to-staff-longer

The period during which companies receiving a state loan in the fifth phase of the Deposit To Be Returned program will not be allowed to lay off any staff has been extended to five months, from four previously.

The government aims to protect workers up to June, when conditions in the labor market are expected to improve.

The new phase of the program is set to start in January and is expected to see the distribution 1.5 billion euros, with only 50% of the loans having to be returned.

However, the six days before the lockdown sufficed for the Ergani database to record 29,933 job losses last month.