Details of New €1bn Stimulus Package: Tourism, Wage Subsidies, Liquidity Loans

By , 21 May 2020, 10:36 AM Business
Details of New €1bn Stimulus Package: Tourism, Wage Subsidies, Liquidity Loans JL Flanner

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STA, 20 May 2020 - The government adopted on Wednesday a new economic stimulus package, featuring subsidies for shortened working time, vouchers for citizens to be spent in tourism facilities around the country, and favourable liquidity loans. The package is worth around one billion euros.

Subsidies will be available to employers who cannot secure at least 90% of the usual workload for at least 10% of their employees and that the state would subsidise up to 20 hours weekly.

For workers on 20-hour weeks, the subsidy will amount to EUR 449, for 15 hours EUR 336, for ten EUR 224 and for five EUR 112.

Workers on the minimum wage will not receive the full minimum wage if they do not work full time, Kralj said, arguing a distinction needed to be preserved among those working full- and short-time.

The measure will be in place until 31 December and will be financed from the European Social Fund and the European Commission's SURE mechanism.

The stimulus package also includes an estimated EUR 345 million worth of vouchers to be spent in Slovenian tourism facilities. All Slovenian citizens will be eligible for vouchers, which will be available as of 1 June.

Related: Slovenia to Spend €345m on Tourism Vouchers for All

Minors will get EUR 50 vouchers and adults EUR 200 vouchers in electronic form, which may be used to pay for accommodation and breakfast in hotels, apartment complexes, camps, agritourism farms and other similar facilities.

The measure, valid until 31 December, will cost the state EUR 345 million, but visitors who cash in their vouchers are expected to spend an additional EUR 172 million for services they will not be able to cover with vouchers.

Also adopted is an extension of subsidies for temporary lay-offs only for certain industries. Companies in the tourism and hospitality industries whose estimated drop in revenue is more than 10% compared to 2019 will be eligible.

The new package also serves as legal basis for notification of state aid under the EU rules, based on which the Economy Ministry will draft a financial incentive programme intended for tourism and border problem areas.

In order to boost liquidity of companies, state-owned funds will provide EUR 40 million-worth of favourable liquidity loans for around 900 micro and small companies.

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