The Ministry of Finance has revealed that a total of MVR 5.8 million has been provided as income support allowances up until June 26.

The MVR 5.8 million was disbursed to a total of 1,450 individuals, revealed the ministry.

The ministry stressed that large-scale terminations and wage cuts have taken place, although the goal of the economic relief package was to ensure job continuity for Maldivians.

Introduced under the government’s economic relief package following the impacts of the Covid-19 pandemic, the income support allowance is being issued since May 20 and a monthly income of MVR 5,000 is provided under specific conditions.

According to the criteria, individuals who have been terminated, put on no-pay leave or suspended from their jobs are eligible for the allowance as well as anyone who was employed before March 1, whether they had an employment agreement or not. This includes individuals in probation and temporary positions, these individuals will receive an allowance of MVR 5,000 for the three-month period.

The three-month allowance, totaling MVR 15,000, will be awarded from April to June and aims to provide financial assistance to those who have had their lives and income affected by the pandemic and are unable to meet essential needs such as settling rent payments and others.

Eligible individuals are to receive the income support allowance monthly, before the 15th day and applicants must be aged between 18 and 65 years and employed in the Maldives by March 1.

The regulations under the income support allowance state that criminal action will be taken against individuals who provide false information when applying.

Under the recovery loan scheme for self-employed individuals and freelancers, a total of MVR 100.8 million has been disbursed for 685 businesses that applied for loans at the SDFC and MVR 8.1 for 272 self-employed individuals.

In total, MVR 108.9 million has been issued for 957 individuals under the loan scheme, through SDFC.