Firms that retrenched workers are those in the construction, food and nonfood manufacturing, hotel and accommodation, recreation, and travel and recreation industries. The coronavirus pandemic also forced firms to adopt measures to safeguard livelihoods, the study found. “To avoid further retrenchment, about 33 percent of [the] respondents that faced exceptional challenges resorted to cuts in the salary [or] benefits of its workforce,” researchers said. “Some firms had enforced cuts in benefits by as much as 50 to 100 percent, especially those [in the] recreation, travel, and restaurant industries,” they added. The academic also said firms also mentioned facilitating access to new financing models, like crowdfunding and peer-to-peer lending, to operate in the new normal.

Source: Manila Times December 30, 2020 18:00 UTC