70% of self-employed professionals report financial loss of more than 50% - survey

70.3% of self-employed professionals reported a financial loss which exceeds 50% of their usual income as a result of the outbreak of Covid-19, a survey carried out by the Malta Federation of Professional Associations (MFPA) has revealed.

The survey, which was carried out between 30 March and 6 April, looked into the working conditions of professionals and how they have been affected by the Covid-19 situation. A total of 1,163 responses to the survey were received.

65.3% of these respondents were healthcare professionals. 56% were female, while there were three different employment categories: 48.7% were employed, 17.7% employed and with a part-time private practice on the side, and 33.6% self-employed. 53.2% were under 40 years old and 37.5% had children younger than 15 years of age.

The survey found that a staggering 96.9% of self-employed professionals suffered financial losses, and that 70.3% of these professionals suffered losses which were over half their income.

83.5% of those in full-time employment with part-time private practice also reported financial losses with 25.2% of these reporting a loss of more than 50%.

When asked whether financial packages announced by the government will be of help to them, 62.7% of the self-employed reported that none of the packages apply to them, 25.8% did not know while only 11.5% reported that these packages will be helpful to them.

70.1% of self-employed suggested that tax credits could be one type of compensation. Other suggested compensation by all employment categories included reducing utility bills, increasing health allowance, providing danger money, suspending bank loans, subsidising salaries, providing a wage supplement, and providing additional monetary bonuses.

The survey also looked into stress factors, specifically in relation to the last two weeks of

March, and found that 72% of respondents feel more stressed than usual, with 33% reporting that if the situation persisted for another two months their stress levels will increase.

28% of respondents meanwhile said that they have been working longer hours since midMarch.

Respondents were asked whether they were at high risk of being infected with the Covid-19 virus and 33% reported they were.

It was found that 87.2% normally have face-to-face contact with clients – out of which 64.4% work in clinics, hospitals or pharmacies. The absolute majority of those who are self-employed – 97.4% - said that they see clients face-to-face.

The MFPA said that a second survey will be issued soon, focusing on the fact that professionals can be employers who employ other professionals and ancillary staff in their own practices.

“These professionals have heavily invested in the premises of their practices as well as in very expensive equipment needed to offer a high-quality professional service to the public. It is important to analyse how the current situation is impacting this category and their staff,” the MFPA said.