It has been almost 5 months since the country was first strike by the Covid-19 pandemic. On March, was when the government announced the first phase of the Restricted Movement Control Order (RMCO). Most businesses were closed for almost 2 months, employers were left with decreasing revenue and mounting business debts causing most of our fellow citizens to experience salary reduction or some to the extreme, got retrenched.
On the recent survey, 82% of the local businesses experienced declining revenue of 40% to 60% on the first quarter of 2020. Amongst these, the industries that were affected more are the hotels, property businesses, tourism industry, some beauty industry and even the construction industry.
With the businesses suffering, employers and their employees were left in wary, will there be enough cash flow to pay the employees? And as for the existing employees, what will the future be?
Of course, there is a prediction of unemployment wave, after mid-June period, which includes the existing 600,000 of unemployed individuals before March 2020!
Will there be unemployment wave?
In fact, it is still too early to ‘prove’ that there is really an unemployment wave on the second quarter of 2020. Thanks to the government stimulus package, this has helped the employers to a great extend in avoiding layoffs and retrenchment. If it is indeed a real unemployment wave as predicted, we can only observe it by December 2020, after the end of the government’s economic assistance program.
But we believe that by that time, Sarawak and the world’s economy has also begun to recover gradually, proven by the increasing number of vacancies on SarawakJobs.com starting from April up to now. Check here for more latest jobs daily!
We at SarawakJobs believe that there are always be hope after this pandemic and our local economy will slowly recovers.
Learn more on what our local employers have to say on their current business state during this period here