In
a survey conducted by the Central Bank of Kenya (CBK) among 1,000 Chief
Executive Officers (CEOs), 243 company bosses noted that they would have to
fire some of their employees.
The
CEOs explained that the planned layoffs were necessary as they tightened their
belts owing to the current economic times.
In
particular, those in the manufacturing industry highlighted the cost of doing
business as a major factor affecting their businesses.
"Key
concerns for firms in the services sector include the business environment,
increased taxation, and the economic environment (high cost of
borrowing)," read the report in part.
"In
addition to the concerns raised by firms in the services sectors, manufacturing
sector firms were also concerned about subdued consumer demand and constraints
to business financing."
Likewise,
the survey also spelt doom for the unemployed Kenyans as another 673 bosses
noted that they will be maintaining their workforce as it is.
Only
84 CEOs plan on hiring new staff within the second quarter of 2024.
Notably,
the company bosses have also warned of tougher times ahead should the Finance
Bill, 2024 sail through as is.
The
employers detailed that some of the tax proposals would adversely increase
the cost of doing business and ultimately influence the policies of their
workforce.
The Kenyan DAILY POST
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