The recent series of financial support measures will help to “stabilize” the employment situation – EC

Chief Executive Ho Iat Seng argued that the recent financial support measures will help boost domestic demand, propel the business cycle, support the operation of small and medium enterprises and stabilize the employment situation for Macau residents.

A new budget amendment proposal was revealed yesterday (Thursday) by the Executive Council with MOP 5.9 billion ($730.6 million) to be redistributed in a fourth round of consumer e-vouchers, with MOP 1.3 billion to be provided also in water and energy tax exemptions.

Every Macau resident and holder of a non-permanent residence permit will then again receive MOP 8,000 for consumption in the city, with the plan to follow similar requirements to the previous one and to be rolled out in May.

Ho’s comments came during a meeting with the president of the Macao Federation of Trade Unions (FAOM), Ho Sut Heng, during which the labor representative called for more police to mitigate the impact of the pandemic on the local economy and residents. livelihoods.

In addition to the financial stimulus policies already announced, the FAOM president called for an improved “exit mechanism” for non-resident workers and better counselling, referrals and job matches for resident workers.

It also called for optimized subsidized training and expanded coverage of its beneficiaries; more employment support for young people; a support mechanism for SME workers in situations of employment suspension due to policies to combat the pandemic; and more temporary tax and fee reduction measures.

The Macau SAR CE responded that the local authorities will gradually improve the “Creating Better Job Prospects” Internship Plan, an internship plan led by the Bureau of Labor Affairs (DSAL), while noting that the Macau One Account 2.0 upgraded will include available local job postings.

Macau’s general unemployment rate for 2021 has risen to 2.9%, its highest since 2009.

The general unemployment rate and the unemployment rate for local residents for the three-month period between December 2021 and February 2022 also continued to grow, reaching 3.3 and 4.3%.

The International Monetary Fund (IMF) has maintained its projection for Macao SAR’s gross domestic product (GDP) growth at 15.5% for 2022, driven by the gradual return of foreign tourists and the recovery of domestic demand.

However, the SAR continued to face the risks of a resurgence of the COVID-19 pandemic which could stall the recovery in the short term and jeopardize the medium-term viability of the gaming sector.

Ho also pointed out that the Macao SAR government supports the movement of young people from Macau to mainland China, especially in the development of the Greater Bay Area, with support provided to organize internship opportunities in major companies on the mainland. .

The EC called on local young people to “seize the development opportunities of the Hengqin Deep Cooperation Zone and accumulate experience in order to prepare well for their professional careers.”

The Education and Youth Development Bureau (DSEDJ) has regularly surveyed local tertiary finalists to gauge their career preferences, among other recent data showing that local graduates are reluctant to work on the mainland .

According to data from 2018 – the first year after the Greater Bay Area (GBA) project was officially established – the overwhelming majority of the 1,837 local higher education finalists who could enter the job market wanted to stay in Macau. Only 34 testified that their future might lie on the mainland, less than the number of students who preferred Hong Kong.

Results from a more recent 2021 year again showed that most (89.8%) recent graduates chose to stay in Macau and only 3.2% and 2.6% chose Mainland China and respectively. Hong Kong-China.

Comments are closed.