Quarter of firms in Poland mull layoffs amid virus crisis: study

More than a quarter of companies in Poland have adopted a strategy of layoffs as a way of dealing with the coronavirus crisis, according to a study.

Image: Gerd AltmannPixabay

Image: Gerd Altmann/Pixabay Pixabay License

Almost half of companies in the country see a need for pay cuts, the survey by the Polish Economic Institute found.

The study also revealed that almost one in five businesses in Poland have no financial reserves, while 30 percent have reserves for only a month or two.

Meanwhile, 57 percent of companies contacted in the survey said their revenues at the end of March were down on February.

The study was carried out on April 1 and 2, with 400 companies in four size categories and from three industry sectors asked about their strategy for dealing with the coronavirus crisis.

Poland’s president last week signed into effect a massive relief and stimulus plan aiming to shore up the economy and shield the nation from the impact of an intensifying COVID-19 epidemic outbreak.

Prime Minister Mateusz Morawiecki told parliament on Monday that the epidemic was likely to peak in Poland next month or in June.

(pk/gs)

Source: PAP

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