FINANCIAL HIT DURING/AFTER LOCKDOWN


For once in many people’s life time, there has been a lockdown which compelled almost every community around the globe to a standstill due to the COVID-19 pandemic. There are however pros and cons that come from every situation. This brief article will touch on both pros and cons brought about by the said pandemic. Most importantly, it provides financial advice in relation to this and similar situations as provision for the unforeseeable future. We will start with the unfavorable effects ofCOVID-19 pandemic, its favourable results, and last will be the advice on funds generation, monitoring and recommended utilisation.

The lockdown in many countries of the world impacted very negatively on different areas of livelihoods, particularly the world’s economy. In that regard, the following came up as unfavourable results of the pandemic: delayed salaries to some employees, increased number of job losses and increasing expenses incurred.

Delayed salaries to some employees:

Social distancing that come with the pandemic led to the shutdown of offices, churches, businesses and schools in most countries of the world. So, most employees were forced to work from home, whereby some of them focused more on family duties than work duties. These people needed a little push from their respective supervisors, if they were wage processors, they would end up delaying salary payments. For some this would be caused by self-quarantines especially if such employees were sole salaries processors.

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