LONDON (Reuters) – British finance minister Rishi Sunak should extend the government’s job retention scheme until the middle of next year to stop a surge in unemployment to levels not seen since the early 1990s, a top think tank said on Tuesday.
The National Institute of Economic and Social Research (NIESR) said the furlough programme for workers at companies hit by the coronavirus outbreak should run until June 2021. It is due to wind down at the end of October.
“The planned closure of the furlough seems to be a mistake, motivated by an understandable desire to limit spending,” NIESR deputy director Garry Young said.
“The scheme was intended by the Chancellor to be a bridge through the crisis and there is a risk that it is coming to an end prematurely and this increases the probability of economic scarring.”
Earlier this month Sunak said calls for an endless extension to the furlough programme were “irresponsible” and brought in a scheme to pay employers 1,000 pounds for each worker they retain following furlough.
Sunak’s deputy, Chief Secretary to the Treasury Steve Barclay, said on Tuesday that extra “targeted measures” to help workers in especially hard-hit sectors were possible but a further wholescale extension was not.
Spending on the Coronavirus Job Retention Scheme, which has supported 9.5 million jobs and is the costliest single government COVID relief measure, has reached 31.7 billion pounds ($41 billion) so far.
NIESR said unemployment looks set to rise to almost 10% of the workforce by the end of this year if the furlough scheme shuts as planned – similar to forecasts from the Bank of England and the government’s own budget watchdog.
By contrast, extending the scheme into 2021 would be “relatively inexpensive”, preventing a rise in joblessness and might pay for itself if it prevented people becoming unemployed long-term, NIESR said.
But Barclay said at an event hosted by a centre-right think tank, Onward, that workers were likely to lose their skills and fail to develop new ones if they spent more than eight months on leave, waiting for jobs that might never come back.
“The rationale behind the furlough scheme was about maintaining the link with the job. And actually if you stretch the elastic of that too long… it is not good for them, never mind the debate on the financial side of it.”
Reporting and photo: Reuters
Maldives Association of Tourism Industry (MATI) holds its 34th Annual General Meeting
The Maldives Association of Tourism Industry (MATI) held its 34th Annual General Meeting at Kurumba Maldives today, with a total of 100 members in attendance.
The day’s events began with a welcome address from the Chairman of MATI, Mr. Mohamed Umar, who also presided over the session. The agenda included an address from the Secretary General, Mr. Ahmed Nazeer, the review and approval of the minutes of the 33rd AGM, the review and adoption of the Annual Report and Financial Reports for 2023, the approval of the 2024 budget, the appointment of auditors for 2024, the welcoming of new members and election of executive board members to the two vacant positions (by-election).
In the member discussion session, the following topics were covered: the Government’s aim to reach net-zero emissions by 2023 and renewable energy generation in the Tourism Industry, new terminal of Velana International Airport and developments, employment challenges, the Industrial Relations Act and trade unions, environmental conservation and the significance of creating and executing efficient management plans for protected areas like the South Ari Marine Protected Area (SAMPA).
Following the official proceedings, the Minister of Tourism Hon. Ibrahim Faisal and the Minister of Economic Development and Trade Hon. Mohamed Saeed joined the forum. The Ministers provided remarks and engaged in a Member Q&A session. This session provided members with the chance to directly engage with the Ministers and delve into crucial industry topics. The queries focused on the Economic Outlook, forthcoming development plans and immediate challenges and issues affecting the Tourism Industry.
A video presentation was also showcased that delved into the extensive work undertaken by MATI in 2023. The video also touched upon the Tourism Industry’s performance over the past 5 years, as well as the current and projected human resource capacity of the sector.
In his closing remarks, the Secretary General highlighted the importance of collaborative efforts in addressing industry challenges and called for greater unison amongst industry stakeholders, ending with an acknowledgement of the promising start to the year in terms of arrivals.
Executive Board Members elected to the 2 vacant positions (by-election):
- Ibrahim Shareef, CEO and Managing Director of Maldives Airports Company Limited
- Renato De Olivera, General Manager of The Ritz-Carlton Maldives, Fari Islands and representative of Marriott International
Unlocking power of travel storytelling at Travel Creators Exchange 2024
Join us for the Travel Creators Exchange 2024, taking place on February 1, 2024, at the Hotel Jen in Male’, Maldives.
This dynamic event provides a platform for networking and collaboration among Maldives-based travel creators, fostering connections, idea-sharing, and the establishment of lasting partnerships to expand opportunities and monetise content.
Our lineup of distinguished speakers includes:
- Zihuny Rasheed, Deputy Managing Director of MMPRC, will present on “Power of Digital Storytelling: Collaborative Strategies for Destination Promotion.” MMPRC actively markets the Maldives globally, utilising a comprehensive approach that includes travel trade shows, roadshows, digital marketing, and more.
- Amjad Thaufeeg, Commercial Director of Kuda Villingili Maldives Resort, brings over 23 years of hospitality industry experience. He will discuss “The Role of Content in Tourism Marketing,” drawing on expertise in revenue, customer service, sales & marketing, and human capital development.
- Suresh Dissanayake, Assistant Vice President of Sales & Marketing of Heritance Aarah & Adaaran Resorts, with nearly two decades of experience, will shed light on “What does a Sales and Marketing Director Do?” He brings extensive luxury hospitality experience and a proven track record in sales, distribution, and marketing.
- Vishal Amir Ahmed, a versatile cinematographer and content creator, will explore “Who is a Content Creator.” Currently associated with Various Arts Studio, he specialises in providing multimedia solutions to various clients.
Organised by Maldives Insider, Maldives Virtual Tour, Travel Trade Maldives, and Hotelier Maldives, this collaborative effort aims to empower Maldives-based travel content creators and elevate the Maldives as a premier destination for captivating travel storytelling.
Acclaimed contemporary artist Ana Pušica explores perpetuality and community at Patina Maldives
Ana Pušica Kramer, an internationally acclaimed contemporary artist, joins Patina Maldives for an exclusive art residency in the now infamous Fari Art Atelier. From January 22 to February 22, 2024, Ana Pušica will grace the shores of the Fari Islands, weaving a vibrant narrative of colour and emotion across her larger than-life canvases.
Her artistry transcends boundaries, melding abstraction and figuration into awe-inspiring masterpieces. Having exhibited globally, from New York to Beijing, Ana’s paintings are a physical, intuitive act rooted in movement. Described as a “beautiful fluorescent thunderstorm,” Ana’s art explores light and colour, capturing the energy of life itself.
The Fari Art Atelier which has previously hosted the likes of Daniel Arsham, Chris Stamp and David Nott, will be transformed into Ana’s studio and gallery showcasing her enthralling artworks—a mesmerising journey through poetry, memory, and the vibrant interplay of colour. Guests at Patina are invited to delve into Ana’s world, where each stroke reveals layers of meaning, evoking sensations of intense lightness and boundless interpretation.
At Patina Maldives, Ana will immerse herself in a month-long residency, inviting the Patina Malidves community or guests and team to witness her artistic fervour firsthand. Guests will have the rare opportunity not only to observe her creative process but also to engage with and create art alongside this luminary.
Experience artistry at its most exclusive
Experience Ana’s captivating exploration of colour and emotion in her spellbinding artworks displayed at the Fari Atelier.
Art Workshops: Message in a Bottle
As part of a collaborative artwork, Ana invites Patina guests to participate in short workshops, actively contributing to the creation of a permanent installation at Patina Maldives.
Open Studio Session
Join Ana for an exclusive open studio session, offering guests a behind the-scenes look at her creative process.
Ana Pušica residency package
Discover a world where creativity knows no bounds as Ana Pušica, the maestro of contemporary art, transforms Patina Maldives into an immersive canvas of inspiration.
Book now to secure your experience.
For more information and reservations, please visit Patina Maldives or contact
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