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Tuesday, Nov 29, 2022

One-fifth of social enterprises have shuttered or suspended operations: survey

One-fifth of social enterprises have shuttered or suspended operations: survey

About 20 percent of social enterprises have shuttered or suspended operations as the city continues to struggle amid the Covid-19 pandemic outbreak, according to a latest survey.
The General Chamber of Social Enterprises conducted the survey in early March and interviewed 153 social enterprises through questionnaires, taking up one-fourth of all social enterprises of the city.

Results showed that about 20 percent of interviewed social enterprises have shuttered or suspended their operations, while another 20 percent said they have plans to cease operations in the next three months.

Twenty of the respondents also said their current cash flow only allows them to continue their operations for less than three months. All of the respondents have negative forecast on this year’s businesses, according to chairman Andy Ng Wang-tsang.

Speaking on a radio program on Saturday, Ng called on the government and private corporations to partner with social enterprises or purchase services and products from them so that they could continue their operations and maintain their social functions.

Ng added that the vulnerable and the weak including those recovered from metal illnesses or those with disabilities are impacted most significantly if social enterprises are hit by the “closing wave.”

He continued that the value of jobs means more than just a paycheck to those minority and the respect, interpersonal relationships, social participation as well as the sense of success earned from their jobs are priceless.
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