Workers who have have been stood down in the last few weeks can now feel more secure about getting back to work after Prime Minister Scott Morrison announced a new wage subsidy.
Businesses will be able to receive a fortnightly wage subsidy of up to $1,500 per employee as part of the government’s push to prevent millions of people losing their jobs because their employer’s business goes under.
It means that your employer will be more inclined to keep you on their books.
“This $1,500 payment is a flat payment and is the equivalent of around 70 per cent of the median wage and represents about 100 per cent of the median wage in those sectors most heavily impacted by the coronavirus like retail, like hospitality and tourism,” said Mr Morrison.
For all small business owners, you will be able to apply for this subsidy through the Australian Tax Office (ATO). Which means on the plus side, both the employer and employee won’t have to go through Centrelink.
To be eligible for these payments, the turnover of the business needs to have fallen by 30 per cent.
Here are six things to know about the new ‘Job Keeper’ subsidy.
- Your employer will get up to $1,500 per employee, which they will pass on directly to you.
- Payments will start rolling out by 1 May, but will be back dated from today (20 March)
- This will apply to all employees. So it doesn’t matter if you’re full-time, part-time, a casual employee, New Zealanders on 444 visas, not-for-profit entities or a sole trader. This is for everyone.
- If you are a casual, you must have been with your company for at least 12 months to be eligible for the payment.
- This will mainly help the retail, hospitality and tourism industries.
- If you have been stood down before this announcement, you are still eligible for the payments.
Read the full details here:https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet_Info_for_Employees_0.pdf