COVID-19 in Kuwait: Private businesses, workers hit by economic downturn | ZAWYA MENA Edition:
Almost 80 percent of companies in Kuwait have been severely impacted by the plunge in business due to the pandemic, the country's financial and economic affairs committee said in a report submitted to the national assembly.
Revenues have dropped by as much as 80 percent on average, the report said, pushing 26 percent of firms to the brink of collapse.
According to the report, the number of customers dropped by 75 percent in May, which hit revenues badly and made as many as 80 percent of companies unable to cover their expenses for six months.
The draft law, which has been under debate for months in the Assembly, allows companies to reduce the salary of their employees by 50 percent provided that the new salary is not below minimum wage.
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