Films Review | Oct 12,2019
It is hard to tell from its façade, but the hotel and hospitality industry is not well. Devastated by a steep decline in occupancy rates, the management of Ambassador Hotel has been forced to shave off departments and, with a few exceptions, furlough its employees with pay. In this, the Hotel is not alone.
A crisis that primarily afflicts businesses dependent on the physical movement of people, the Novel Coronavirus (COVID-19) pandemic has badgered few as hard as the hotel industry. In the depression that has ensued, hoteliers have been forced into cutting costs to keep themselves afloat. For this, they turned to the one commodity that is in abundant supply - labour. If employers are not laying off their employees, they are slashing benefits and salaries.
With their livelihoods on the line, employees are fighting back. Despite being aware of the circumstances of their employers, they charge that the support for the industry from the government has not trickled down to them. This is in reference to a 3.3-billion-Br soft loan that was pledged by the National Bank of Ethiopia (NBE) to the industry for the next six months starting in May.
This is support that remains a pledge, according to the employers, who claim they still have not had the loans cleared from the banks due to procedures they must finalise to qualify. In this back and forth dance between employees, hoteliers and banks, 14 hotels have started laying off employees, according to the Ethiopian Hotel Professionals Association.
Facing an abyss, players in the industry agree on one thing, nonetheless. "The government is the last resort," as one expert puts it.
You can read the full story here
PUBLISHED ON
Jun 06,2020 [ VOL
21 , NO
1049]
Films Review | Oct 12,2019
Fineline | Jan 15,2020
Fortune News | Jul 11,2021
Radar | Feb 23,2019
Obituary | Mar 13,2021
Fortune News | Sep 06,2020
Fortune News | Sep 28,2019
Obituary | Jan 16,2021
Obituary | Jan 23,2021
Obituary | Mar 26,2022
November 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
November 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
October 16 , 2021 . By HAWI DADHI
Residing in a country with no capital market, an organised marketplace for trading se...
August 28 , 2021 . By HAWI DADHI
The streets of Addis Abeba are as varied as they are many, although too many of them have yet to be named. From the narrow alleyways of the...
May 21 , 2022
There was a great deal of handshaking and patting each other on the back at the Hyatt...
May 14 , 2022
Diana Yohannes is one of those actively engaging in social media platforms with her T...
May 7 , 2022
The Ethiopian Economic Association (EEA) recently proposed the formation of a macroec...
April 30 , 2022
There is no ambiguity in the UNDP's assessment of Ethiopia’s economic performance a...
Loading your updates...
Put your comments here