A third of those working in the private sector are fearing for their jobs because of the fallout of COVID-19, a survey commissioned by Times of Malta has found.

A total of 33% of those in the private sector fear losing their job in the next three months, with the percentage increasing to 41% if the coronavirus outbreak had to last six months.

Conversely, just 12% of those working in the public sector feared losing their job in the next three months, increasing marginally to 15% if the outbreak had to last six months.

Carried out by EMCS Ltd, an advisory and market research firm, the survey has taken a snapshot of a country mostly cooped up indoors, and asked respondents about their finances, well-being and whether they fear for their jobs.

The results largely reflected the last survey carried out two weeks ago but brought out the mounting concerns of those working for private companies as COVID-19 decimates the economy.

The survey was compiled between Tuesday and Friday among 429 respondents. It has a margin of error of 5%.

Malta on Saturday unveiled four new coronavirus cases to bring the total to 426.

Just over half of respondents said they are currently in employment.

Among those in employment, half indicated to be working from home, a consistent figure from the study conducted two weeks ago.

Buoyed by the security of government employment, the majority of respondents said they do not fear losing their job, irrespective of whether the outbreak lasts three or six months.

A total of 64% of those in employment said they would be willing to take a wage cut to help secure their job, with the majority (81%) willing to forgo under 10%. Just 3% say they are ready to take a cut of 30% or more.

Sixty-five per cent of respondents indicated that their income had remained stable over the past month. Conversely, 33% indicated that their income had decreased (of these, 17% indicated it had decreased considerably, while 16% indicated that it had slightly decreased).

A review of responses shows the wage decline came from those employed primarily in the private sector. Industries they operated in included tourism, creative arts, manufacturing, retail, repairs and personal services, aviation and financial services.

Forty per cent indicated that their expenditure had not altered over the past month. A total of 28% indicated their expenditure had decreased, while 32% said it had increased. A review of responses by age indicates that a higher percentage of those aged 25 to 34 indicated an increase in expenditure (half of those within this age bracket) than other age groups.

Conversely, 63% of those falling within the 18 to 24 age bracket indicated a decrease in expenditure, such figure being significantly higher than the average.

Forty per cent feel they have to be careful how to spend money in view of the current economic uncertainty, while 36% indicated they are staying back from making purchases/investment.

What are the main concerns?

Respondents were mainly concerned about the health of their loved ones (75%) and those close to them, followed by concerns for their physical health (50%) and mental health (43%), and 35% by their financial situation. The least concern related to the availability of food supplies (13%).

Just over half the population feels to have been personally affected in some way by COVID-19.

A review of responses by age shows a higher percentage of those aged 34 and younger indicated being personally affected (72% within this age group).

When asked how they intend to spend their time over the coming two weeks, respondents said they will be spending more time following live news updates (61%).

Just over half the population anticipates an increase in the time they spend ‘watching movies’ and ‘reading news online’. Forty-six per cent see an increase in their use of social media while 34% intend to read for their personal interest.

Government intervention applauded

The vast majority continue supporting the government’s measures to contain and cushion the economic impact of COVID-19.

A total of 92% say the government is handling the health situation well (29% expressing ‘positive’ views, while 63% felt ‘extremely positive’).

The percentage of those being extremely satisfied has increased over the past two weeks (then 54%).

Three-quarters of all respondents say the government is handling the economic situation caused by COVID-19 in Malta well – 40% expressing ‘positive’ views, while 35% felt ‘extremely positive’. Just 7% had negative views.

EMCS Ltd partner Stefano Mallia said while there is still strong support for the government’s handling of the situation, there are concerns among those employed in the private sector.

“While the increased concern in the private sector is expected, one needs to keep an eye on how these numbers will develop over the coming weeks and, if necessary, the government may have to address them further and sooner. The last thing you want to have developing in the country is a clear divide between those facing a significant brunt of the economic impact of COVID (those employed in the private sector) and those who are relatively sheltered because they are employed by the state.”