Global recession and loss of millions of jobs.

[Carsten]

I guess most of us are affected by the Covid that spreads around the world. Belgium is hit much harder than most other wealthy countries. Probably because more dead are counted as Covid victims than what is done in for instance Germany.

My own situation is that I still have my job, BUT the newest announcement is that we don't get raises as normal in April and that we all have to accept 5-10 days off pr. quarter without pay. 5 days is a salary cut of around 7%. 10 days is around 15%. I like this strategy and is actually on one from the last time there was a crises in the company. I have 12 extra days off pr. year already since those who wanted was allowed to get the deal. Now I can add a minimum of 20 days extra pr. year. The great thing is that I will have more time to work on crypto projects. The not so good thing is that I need the money because of some additional (huge) expenses in my life that goes on for a while of some additional 2-3 years or more. Anyway the company strategy after two initial rounds of firing and sending home almost all people in production with full salary because of government funding is good. The rest that are back is needed when the wheels start turning again. Firing people and try to rehire them is a bad strategy for someone working in R&D. It takes time to learn and get up to speed. A year or more is not uncommon.

It would be interesting to hear from others how the virus affect their lives and income since it's clear from the numbers that we had an explosion of unemployment rate here in Denmark, but also in the rest of EU and USA. 

Another question is how the world will look after the crises?

[Hugues]

Yes Belgium seems to be more affected. That's because we count different. We also take in account the suspected deads.

The economical impact is hard. Many new unemployed. Many small businesses had to close temporarily. Question is if they are going to survive. My guess is that many will not be able to reopen because big losses. The government has forseen a compensation of about €4000. Of course in most cases it will not be enough. But the way how they do it is a bit strange. It will only be for healthy businesses. Meaning that if you have a good business you get the compensation. Healthy businesses don't need this compensation because they will survive without compensation but they can get the compensation. Always the same principle: the richer you are the more rights you have...
I work as an independant because I have my own company. I have seen my turnover to make big fall because of this whole situation, but I am still busy.
Many people in my sector work as employees for subcontractors and about 90% of them are unemployed at this moment. So I can say I am a bit lucky that I am still at work.
After some time this corona will be over but I don't want to think about the consequences. I believe we will feel the effect of this long after. Many believe everything will come to normal. I don't think so.
I believe my business is going to survive. At least if this situation does not take another 6 months.

[Carsten]

It's a strange way of doing compensation. Here in Denmark it's much broader. Companies who came out with a negative result last year because of heavy investments in the future are now also compensated. Still many will not survive. If you as a company are compensated you are not allowed to fire people and not allowed to pay return to the stockholders this and next year.

It's good you still are busy.

In my free time I'm working many hours on a crypto project. I hope to present it some time during summer or after. It's good for me that I learn a lot. It's great to have that new knowledge in the bag no matter what.

Thanks for the feedback. Let's hope to hear from more.