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The 75-per-cent wage subsidy announced by the federal government while the survey was being conducted is likely to “blunt” the total number of layoffs in B.C., but there will still be widespread job losses across the private sector, predicted Ken Peacock, chief economist for the Business Council of B.C.
Wages aren’t the only fixed costs for business, and huge drops in revenue could make it tough for many to pay the bills, he said: “I have the feeling all of the private sector is going to be affected in some way.”
Peacock said recovery after the pandemic is likely to be slow, with life looking significantly different.
