Nearly half a million companies in Germany have applied for government funds to help support employees with cut work hours amid the coronavirus pandemic.
A woman walks at a closed restaurant in an empty terminal at the airport in Munich, Germany. Businesses across the country have shut or cut back hours due to the new coronavirus.Christof Stache/AFP via Getty Images
A woman walks at a closed restaurant in an empty terminal at the airport in Munich, Germany. Businesses across the country have shut or cut back hours due to the new coronavirus.In Germany, nearly half a million companies have applied for government funds to support employees with reduced work hours, as the country with the largest economy in Europe pushes to contain the new coronavirus.
Heavy restrictions on public life, an export slump due to nations' lockdowns and broken supply chains throughout industry have meant millions of Germany's workers are eligible for public financial aid. Known as, the government's compensation program allows firms to reduce employees' hours while the state provides much of the lost income.that the applications suggest 9 million workers — about a fifth of Germany's workforce — could be affected by the work hour cuts.
The benefits could also be possible for around 1.3 million municipal employees this year, according to Germany's Association of Local Employers.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus updates: USNS Comfort's arrival draws crowds, nearly half of all companies considering layoffs“If we abandon social distancing too quickly, in fact the risks are greater in the long run,” Goldman's Sharmin Mossavar-Rahmani said earlier today about the impact of the coronavirus crisis. “There is a light at the end of the tunnel.”
Read more »
FOX's 'Living Room Concert' raises nearly $8M for coronavirus relief, attracts almost 9 million TV viewersFOX and iHeart Media’s “Living Room Concert for America” raised nearly $8 million and counting for coronavirus relief, and attracted some 8.7 million viewers across FOX, Fox News Channel, Fox Business, Fox Sports 1, Fox Sports 2 and FOX Deportes on Sunday night, according to early Nielsen ratings.
Read more »
Savannah Guthrie Returns to Today Studio After Working from Home for Nearly Two Weeks'It's good to be back in the studio,' Savannah Guthrie said on Tuesday's Today
Read more »
Sociologist William Helmreich, Who Walked Nearly Every Street in N.Y.C., Dies of Coronavirus at 74William Helmreich, the sociologist who famously walked nearly every street in New York City to learn about its residents, has passed away from the novel…
Read more »
Stock market live Monday: Dow rises nearly 700, J&J vaccine hope, oil 18-year low“We are going to have bankruptcies, and bankruptcies unfortunately destroy the capital structure completely,” Allianz’s Mohamed El-Erian said this morning. “It is a very selective game right now, rather than calling the all clear and going in for indices.”
Read more »
Germany faces big growth hit in first half, second-half recovery possible: ministerThe German economy faces a major setback in the March-May period but there is still a chance it could make up some of that lost ground in the second half of the year, Economy Minister Peter Altmaier told the Rheinische Post newspaper.
Read more »