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Tynwald to consider extending financial support schemes for a further three months

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Treasury Minister Alfred Cannan MHK will seek approval to extend the Manx Earnings Replacement Allowance and Salary Support Scheme for three months, at this month’s Tynwald sitting (Tuesday 19 May).

The two schemes were announced on March 22 among a package of measures to support the Manx economy through the effects of the coronavirus pandemic.

Both were designed to run for an initial period of 12 weeks each, forming the Isle of Man Government’s central mechanism for protecting businesses and workers.

While some sectors have now been permitted to resume activity, others remain unable to operate to their full capacity and a proposed 12 week extension will be designed to provide assistance to those who continue to need it during this transitional period.

Minister Cannan said:

‘Our economy is emerging slowly and carefully and it’s clear that many businesses and workers will need some level of support for longer than the current schemes were initially planned to run.

‘We are currently working on an economic recovery plan, but in the meantime it will be necessary to ensure that our primary support schemes continue to offer support to those companies and individuals who are most affected.

'This will mean extending the schemes for some sectors of our economy and it is my intention to ensure that those which continue to be adversely affected to a significant extent will be able to continue receiving support beyond the initial 12-week period.’

Minister Cannan added:

‘Support for the construction industry and associated trades will continue until the end of May to allow for a resumption of business following this unprecedented period of disruption.

'I will provide full clarity in the coming days and in the meantime Treasury will continue to work closely with colleagues in the Department for Enterprise and to target support where it is most needed.'