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Income supports crucial to prevent deep demand shock – Ibec
Danny McCoy of Ibec Pic: RollingNews.ie

25 Mar 2020 / business Print

Supports crucial to prevent deep demand shock – Ibec

Ibec, the group that represents Irish business, has said that the temporary wage subsidy scheme is crucial to enabling the economy to bounce back at the other end of this COVID-19 crisis. 

Chief executive Danny McCoy said: “Ensuring the health and wellbeing of our society in these challenging times remains paramount, and we reiterate that the business community stands ready to support whatever measures are required to address this unprecedented health challenge. 

“The further social distancing measures announced are sensible and will be fully supported by the business community. 

“However, simultaneously we must do everything possible to prevent a deep demand shock and do everything to allow the economy to recover at the end of this crisis.

Vulnerable

“It is welcome to see courageous leadership from Government, in particular with the announcement of a temporary wage subsidy scheme and the enhanced unemployment supports and illness payments.

“These income supports are a crucial and important further step towards keeping vulnerable firms alive, keeping their employees engaged with them and protecting the income of individuals.

“The announcement that essential businesses such as manufacturing and other necessary services are to remain open, insofar as they can adhere to social distancing measures to protect the welfare of employees, is to be welcomed.”

Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland