Isle of Man financial support schemes extended

STOCKS NEWS 24 – Two financial packages introduced to aid Manx workers and businesses during the coronavirus pandemic have been extended for at least 12 weeks.

The Covid-19 welfare benefit and employer wage support schemes were due to end on 25 May.

Coronavirus welfare assistance will now continue until 20 September and the wage support will run to 17 August.

Treasury minister Alfred Cannan said many still required support and it was “simply not right” to end the schemes.

The Isle of Man’s unemployment rate rose by 1.1% to 3.1% in April with 1,347 individuals registering as not in work.

Under the two schemes, people who have lost jobs due to the outbreak can claim £200 a week and businesses have access to a £280 weekly payment for each full-time equivalent employee.