The coronavirus pandemic has taken its toll on the business community here in St Vincent and the Grenadines (SVG).
Minister of Finance Hon. Camillo Gonsalves said four hundred and twenty (420) businesses closed their doors since the commencement of the COVID-19 pandemic in 2020.
He noted this is according to information from the National Insurance Services (NIS), as of December 31, 2020.
As a result, 2,754 employees across various sectors have been laid off from these closed businesses. Gonsalves said several income support measures were implemented by the government and NIS to cushion the fall in employment and income experienced by individuals.
The minister pointed out that there also other employees who were not laid off but placed on reduced time schedules and hours who are also receiving compensation from various income support measures.
Gonsalves provided this information during a question posed to him at yesterday’s (Jan 27.) sitting of the House of Assembly here in SVG.