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COVID-19 outbreak could lead to unemployment of 10 million

The service industry has come to a screeching halt, including the tourism market, restaurants and entertainment, the report noted.“It’s possible that more than half the workers in these industries lost their jobs

COVID-19 outbreak could lead to unemployment of 10 million

 

A public accountants’ union warned that the COVID-19 outbreak could lead to the unemployment of some 10,000,000 persons. The union’s report also noted that the service industry has essentially stopped entirely and that more than half of the workers could have become unemployed.

 

The COVID-19 outbreak in Turkey could lead to unemployment for some 10,000,000 persons, a report by the Union of Chambers of Certified Public Accountants Turkey (TÜRMOB) revealed.

 

“Business owners are finding themselves unemployed, as well as employees,” the report noted.

The service industry has come to a screeching halt, including the tourism market, restaurants and entertainment, the report noted.

“It’s possible that more than half the workers in these industries lost their jobs.”

At the mercy of their employers, thousands unable to benefit from gov’t short-term unemployment fund

 

Industrial production surfaced as another area where mass unemployment is taking place, according to the TÜRMOB report.

Increasing the minimum retirement pension to 1500 Turkish Lira (about $250) and a monthly benefit of 1000 TL (about $165) to some seniors were the only precautions taken by the Turkish government to protect people against unemployment, the report noted.

According to  Ministry of Family Affairs and Welfare, so far 3.1 million persons applied to collect unemployment benefits, attesting to the rising pressure on state resources.

The Turkish arm of KPMG Audit and Consulting surveyed 530 business executives who expressed the opinion that the economic effects of the outbreak will last through 2020, with an average drop of 40% in sales turnover. This survey suggests most Turkish businesses will not be in any mood to increase hiring soon.  SOZCU columnist and certified public accountant Nedim Turkmen calculates that the Treasury could lose up to TL300 bn of tax revenue because of lower sales tax and payroll taxes.

 

SOZCU,  Duvar English, ParaAnaliz

 

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