1 out of 14 workers is expected to lose jobs by mid-2021 | NZ Market Update

The Labour Party is pledging an end to pricey bills for pay wave and card transactions, and an allowance of an affluent loan scheme as part of its small business package. The party intends to standardize Merchant Service Fees (MSF), which are high in New Zealand contrasted to Australia. These fees are taken by banks and force retailers to either absorb the hefty cost themselves or pass it on to consumers. Labour’s small business spokesperson, Stuart Nash, said Labour would bring those costs down.

As per a new date, One out of 14 workers is expected to lose their jobs by the mid of 2021. A survey by Stats NZ in June found that 7 per cent of employed people felt there was a high or almost certain chance they would lose their jobs or businesses within the next year. That paralleled to 185,000 people. Another 18 per cent said there was a medium chance. The Stats NZ data was accumulated as part of the Household Labour Force Survey. During the period of the survey, New Zealand dropped from alert level 4 to alert level 1.

Multiple eatery brands mentioned that they lost over $40 million in sales due to the Coronavirus alert level 4 lockdown. The firm, which comprises New Zealand franchises for KFC, Pizza Hutt, Taco Bell and Carl’s Jr, reported a profit after tax of $11.4 million for the six months to June 30, down $8.6m on the comparable period last year.

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