Initially, some companies are relying on short term salary reductions to save on payroll costs, but that may not be sufficient if revenues decrease further during the year. 

At that point, one of the many government job retention and wage subsidy programs implemented recently may provide further relief.  These programs are designed to help businesses offset payroll costs and retain valuable employees, by supporting a company financially to cover salaries and retain jobs during the COVID-19 pandemic.  

A business may already be familiar with any government assistance programs in their own country, but the solutions may be unknown if a company employs workers overseas.  This guide will outline some of the government relief schemes around the world to give you an idea of the type of support that may be available.  

Job Retention Schemes and Wage Subsidies Around the World (as of May 15, 2020)

There are two primary ways that governments are stepping in to support employers, either through a job retention scheme or direct wage subsidies.  The first rewards a business with grants, low-interest loans, or tax credits for simply maintaining payroll at current levels.  The second offers a direct subsidy or reimbursement to the business for all or some portion of employee wages while the pandemic affects revenue.

The two types of programs are similar in scope and effect (or may be blended together) and will take a different form depending on the country and type of business.  Here are a few examples of current programs being offered and you should be aware that some of the validity dates could be extended if economic weakness persists. You can also consult our COVID-19 Updates Page for information on all the countries Shield GEO operates in...read more

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