The economic impact of the ongoing pandemic has been nothing short of the nightmare it was reasonably foreseen to be, especially in those countries whose economies are based primarily on providing services to others that depend on human interaction and international travel, both phenomena that are significantly restricted by the current plague.
Tourism is clearly one such service and, unfortunately for us at this time, it happens also to be the linchpin of our economy.
In consequence therefore, the local economy has all but crashed, replete with insolvencies and closures of many of the establishments that were constructed to provide these services exclusively. Of course, these circumstances prove to be directly catastrophic for the owners, investors and workers in those businesses,
but also indirectly for the nation that is forced to confront unprecedented job losses, a regrettable inability to satisfy redundancy payments for workers by employers and, naturally, the social fallout that will inevitably result.
Our immediate sympathies are with the workers who appear to have been the ones identified to bear the brunt of the downturn.
It may be purely coincidental but the fact that labour should be the sector that appears to be suffering most in these times after over half a century of governance by two political organizations that style themselves as “labour parties approaches the height of dark irony.
In some jurisdictions, special priority is given to the payment of the termination payments of employees on the winding up of a company. There is no such legislation here…not even the obligation for employers to keep a reserve fund for such liabilities.