ZME Science
No Result
View All Result
ZME Science
No Result
View All Result
ZME Science

Home → Science

Japan unveils stimulus package for businesses hit by the coronavirus epidemic

Small and medium-sized businesses will receive a wide array of benefits to keep them afloat.

Fermin KoopbyFermin Koop
April 28, 2020
in Diseases, Health, News, Science
A A
Share on FacebookShare on TwitterSubmit to Reddit

With the economy taking a long pause amid the coronavirus outbreak, medium and small-sized businesses are among the most affected, not being able to open their stores and having difficulties in paying wages.

Credit Wikipedia Commons

In Japan, the government has decided to step up and help businesses with a subsidy so they can pay their employees in full – as part of the largest stimulus package ever given by the country, totaling $990 billion.

Small and medium-sized companies suffering from sharp sales declines will be fully exempted from paying taxes such as consumption and property taxes. At the same time, they will have access to loans without interest or collateral and subsidies if their revenue drops significatively.

The Ministry of Health, Labor, and Welfare also plans to use an existing employment adjustment subsidy, which helps enterprises forced to temporarily lay off workers continue to pay them.

Before the pandemic, laid-off workers at companies that have halted operations are entitled to at least 60% of their regular pay. But now the government increased this to 90% to keep them from being dismissed, with the company chipping in the other 10%.

“A significant impact on economic activities is inevitable,” Prime Minister Shinzo Abe told a press conference, calling the current situation “the biggest crisis” of the postwar era. “I’m resolved to overcome this crisis, together with Japanese citizens, by mobilizing all possible policy means,” Abe said.

The Tokyo Metropolitan Government and other localities across Japan have asked restaurants and other businesses to close or shorten hours during the health crisis. The central government’s financial support measures aim to maintain the income levels of workers in these industries.

The subsidy program’s parameters will cover 3 million companies and about 10 million employees. But the employment adjustment subsidy has not proved popular so far, partly owing to its complicated paperwork and the roughly one-month wait for processing applications.

RelatedPosts

Eight months later: researchers quantify the long-term effectiveness of COVID-19 vaccines
Dating might shift for good to online even post-pandemic
Face masks could double as makeshift COVID-19 vaccine, new theory suggests
Supercomputer simulates one second of human brain activity in 40 minutes

Anxiety in the US economy

With US President Donald Trump eager to restart the economy as soon as possible, there is widespread anxiety among American workers that will eventually have to get back to work, a recent survey showed.

Over 80% of US workers said they would not feel safe going back to work if their state were to reopen now, according to a survey by Fishbowl, a popular workplace app. In New York, the epicenter of the pandemic, only 14% said they would feel safe to back to the office.

Just behind New York were the District of Columbia at 14.65%, Maryland at 15.28%, Washington at 15.57%, and California at 16.05%. The survey included employees at companies such as EY, Deloitte, Accenture, Amazon, Edelman, Nike, Google, KPMG, and many others.

Previous Fishbowl surveys have revealed that 54% of workers fear layoffs at their companies as a deep recession grips the country. Nationwide, at least 26 million people have lost their jobs in the U.S. over the last month, with low-wage workers among the most affected.

Tags: coronavirusJapanjobs

ShareTweetShare
Fermin Koop

Fermin Koop

Fermin Koop is a reporter from Buenos Aires, Argentina. He holds an MSc from Reading University (UK) on Environment and Development and is specialized in environment and climate change news.

Related Posts

Economics

Why Japan’s Birth Rate Collapsed in 1966 — And May Collapse Again in 2026

byMihai Andrei
2 weeks ago
News

Two Lightning Bolts Collided Over a Japanese Tower and Triggered a Microburst of Nuclear-Level Radiation

byTudor Tarita
2 weeks ago
Neurology

Japan’s Stem Cell Scientists Claim Breakthrough in Parkinson’s Treatment

byMihai Andrei
1 month ago
Future

Japan 3D printed a train station. It only took 6 hours

byRupendra Brahambhatt
1 month ago

Recent news

AI-Based Method Restores Priceless Renaissance Art in Under 4 Hours Rather Than Months

June 13, 2025

Meet the Dragon Prince: The Closest Known Ancestor to T-Rex

June 13, 2025

Your Breathing Is Unique and Can Be Used to ID You Like a Fingerprint

June 13, 2025
  • About
  • Advertise
  • Editorial Policy
  • Privacy Policy and Terms of Use
  • How we review products
  • Contact

© 2007-2025 ZME Science - Not exactly rocket science. All Rights Reserved.

No Result
View All Result
  • Science News
  • Environment
  • Health
  • Space
  • Future
  • Features
    • Natural Sciences
    • Physics
      • Matter and Energy
      • Quantum Mechanics
      • Thermodynamics
    • Chemistry
      • Periodic Table
      • Applied Chemistry
      • Materials
      • Physical Chemistry
    • Biology
      • Anatomy
      • Biochemistry
      • Ecology
      • Genetics
      • Microbiology
      • Plants and Fungi
    • Geology and Paleontology
      • Planet Earth
      • Earth Dynamics
      • Rocks and Minerals
      • Volcanoes
      • Dinosaurs
      • Fossils
    • Animals
      • Mammals
      • Birds
      • Fish
      • Amphibians
      • Reptiles
      • Invertebrates
      • Pets
      • Conservation
      • Animal facts
    • Climate and Weather
      • Climate change
      • Weather and atmosphere
    • Health
      • Drugs
      • Diseases and Conditions
      • Human Body
      • Mind and Brain
      • Food and Nutrition
      • Wellness
    • History and Humanities
      • Anthropology
      • Archaeology
      • History
      • Economics
      • People
      • Sociology
    • Space & Astronomy
      • The Solar System
      • Sun
      • The Moon
      • Planets
      • Asteroids, meteors & comets
      • Astronomy
      • Astrophysics
      • Cosmology
      • Exoplanets & Alien Life
      • Spaceflight and Exploration
    • Technology
      • Computer Science & IT
      • Engineering
      • Inventions
      • Sustainability
      • Renewable Energy
      • Green Living
    • Culture
    • Resources
  • Videos
  • Reviews
  • About Us
    • About
    • The Team
    • Advertise
    • Contribute
    • Editorial policy
    • Privacy Policy
    • Contact

© 2007-2025 ZME Science - Not exactly rocket science. All Rights Reserved.